# BANK OF SOUTH PALM BEACHES

> **Failed bank** · HYPOLUXO, FL · failed 1991-08-09 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $31M

## What happened

BANK OF SOUTH PALM BEACHES of HYPOLUXO, FL was closed by regulators 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
- **Estimated FDIC DIF cost:** $31M
- **Deposits at failure:** $63M
- **Assets at failure:** $61M
- **Acquiring bank:** 1ST UNITED BANK (BOCA RATON, FL)

## Other banks 1ST UNITED BANK has acquired in FDIC resolutions

- THE BANK OF MIAMI (CORAL GABLES, FL) — failed 2010-12-17 — /failed-bank/3885
- REPUBLIC FEDERAL BANK, N.A. (MIAMI, FL) — failed 2009-12-11 — /failed-bank/3725
- FIRST MARINE BANK OF FLORIDA (PALM CITY, FL) — failed 1991-03-08 — /failed-bank/3028

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=BANK%20OF%20SOUTH%20PALM%20BEACHES

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, BANK OF SOUTH PALM BEACHES (FDIC ID 3158), failed 1991-08-09. Retrieved via AI Analytics 2026-05-18 from https://api.ai-analytics.org/failed-bank/3158.

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