BANK OF SOUTH PALM BEACHES Failed 1991
What happened
BANK OF SOUTH PALM BEACHES of HYPOLUXO, FL was closed on 1991-08-09. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to 1ST UNITED BANK (BOCA RATON, FL). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3158
- FDIC Certificate
- 22908
- FDIC FIN
- 4385
- Bank name
- BANK OF SOUTH PALM BEACHES
- Location
- HYPOLUXO, FL
- Failure date
- 1991-08-09
- FDIC resolution date
- 1991-08-09
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $31M
- Deposits at failure
- $63M
- Assets at failure
- $61M
- Acquiring bank
- 1ST UNITED BANK (BOCA RATON, FL)
Other banks 1ST UNITED BANK acquired in FDIC resolutions