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1201 Simonton Street
Key West, FL 33040

FIRST STATE BANK OF THE FLORIDA KEYS is headquartered in Key West and is the 29th largest bank in the state of Florida. It is also the 795th largest bank in the nation. It was established in 1955 and as of December of 2013, it had grown to 180 employees at 12 locations. FIRST STATE BANK OF THE FLORIDA KEYS has a C+ health rating.

Reviews (3)

Certificate Of Deposit Penalities Not Waived In Cases Of Death

Recently, my mother who had advanced dementia, died after months of being in a nursing home and periods in a hospital. She had certificates of deposits in four banks in the keys.  Only First State Bank charged a penalty for early withdrawal to her benefactors. I have checked with several other banks and none of them charge a penalty in cases of death. I asked the Branch Administrator Manager of First State if the penalty could be waved, but my request was denied. I think the banks that do not charge a penalty realize that it is wrong to capitalize on the death of a customer by penalizing the relatives. At the time of a death of a love one there are many issues that require attention and a little consideration would be appreciated.  

Huge Daily Fees

I had a rental property in Key West and both a checking account with First State Bank of the FL Keys and a the mortgage on the property with First State Bank of the FL Keys.  For convenience, the tenant deposited rent into the account directly and 10 days later the mortgage with set up to auto-deduct.  One month, the tenant failed to pay the rent and the auto-deduct happened before I could get enough cash into the account to cover it.  I fully expected a late fee on the mortgage and an overdraft fee on the checking account.  However, I did not expect to be charged as daily fine of $100/day for every day that the acccount was overdrawn.  Since even exrpress mail is not that fast to Key West, I ended up with several hundred dollars of fees for this one event.  I was shocked and have since closed the account. 

Huge Daily Fees-Response

On 3/30/11 @ 4:02 PM a PSnyder posted a review that incorrectly claimed that First State Bank of the Florida Keys charged a $100 per day overdraft fee.

The statement regarding a $100 per day overdraft fees is completely inaccurate. The Bank's standard overdraft fee schedule is reasonble and customary in the industry for overdraft related services. 

Moreover, in reviewing our files we cannot find a customer by the name of P Snyder, so if indeed they had an account with our bank it must have been under a different name.

First State Bank of the Florida Keys is the only remaining local community bank in the Keys and we have a 56 year history of personalized one-on-one customer service.  

Therefore, we welcome the opportunity to visit personally with P Snyder to review the exact nature of their comments and to clairfy the reason for any over draft fees, if they, in fact, were charged to an account. 

P Snyder may reach us at, "contact us" section to schedule an appointment to review their situation with a senior bank officer.


Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 FIRST STATE BANK OF THE FLORIDA KEYS had $23.52 million in non-current loans and owned real-estate with $79.89 million in equity and loan loss allowances on hand to cover it. This gives FIRST STATE BANK OF THE FLORIDA KEYS a Texas Ratio of 29.45% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for FIRST STATE BANK OF THE FLORIDA KEYS experienced no significant changes from 30.24% as of December 31, 2012 to 29.45% as of December 31, 2013, resulting in a positive change of 2.63%.This indicates that the balance sheet and financial strength for FIRST STATE BANK OF THE FLORIDA KEYS has had no significant changes in recent periods.

Deposit Growth


In the past year, FIRST STATE BANK OF THE FLORIDA KEYS has increased its total deposits by $1.35 million, resulting in 0.22% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth FIRST STATE BANK OF THE FLORIDA KEYS has shown is above average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. FIRST STATE BANK OF THE FLORIDA KEYS has $843.58 million in assets with $79.89 million in equity, resulting in a capitalization level of 9.47%, which is average.

Institution Statistics

FDIC Certificate #17509
Year Established1955
Primary RegulatorFDIC
Assets and Liabilities
Assets$843.58 million
Loans$428.00 million
Deposits$601.04 million
Equity Capital$71.01 million
Loan Loss Allowance$8.88 million
Unbacked Noncurrent Loans$17.62 million
Real Estate Owned$5.90 million
Historic Data - December 2012
Assets$849.38 million
Equity Capital$73.31 million
Loan Loss Allowance$12.51 million
Unbacked Noncurrent Loans$17.62 million
Real Estate Owned$6.49 million
Profit Margin - Quarterly
Net Interest Margin2.74%
Return on Assets0.43%
Return on Equity5.04%
Interest Income$26.75 million

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