# FIRST FED. S & L OF THE FLORIDA KEYS

> **Failed bank** · KEY WEST, FL · failed 1989-03-16 · SL · FDIC cost $49M

## What happened

FIRST FED. S & L OF THE FLORIDA KEYS of KEY WEST, FL was closed by state regulators on **1989-03-16**. The FDIC was named receiver.

**Resolution:** Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to **BARNETT BANK OF THE KEYS** (KEY WEST, FL). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 2240
- **FDIC Certificate:** 30561
- **FDIC FIN:** 6974
- **Bank name:** FIRST FED. S & L OF THE FLORIDA KEYS
- **Location:** KEY WEST, FL
- **Failure date:** 1989-03-16
- **FDIC resolution date:** 1990-04-27
- **Charter type:** SL
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $49M
- **Deposits at failure:** $193M
- **Assets at failure:** $220M
- **Acquiring bank:** BARNETT BANK OF THE KEYS (KEY WEST, FL)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FIRST%20FED.%20S%20%26%20L%20OF%20THE%20FLORIDA%20KEYS

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST FED. S & L OF THE FLORIDA KEYS (FDIC ID 2240), failed 1989-03-16. Retrieved via AI Analytics 2026-05-17 from https://api.ai-analytics.org/failed-bank/2240.

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