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FIRST STATE BANK OF THE FLORIDA KEYS

Based on 3 reviews
FIRST STATE BANK OF THE FLORIDA KEYS
Overview / Commentary
1201 Simonton Street
Key West, FL 33040

FIRST STATE BANK OF THE FLORIDA KEYS is headquartered in Key West and is the 28th largest bank in the state of Florida. It is also the 796th largest bank in the nation. It was established in 1955 and as of March of 2014, it had grown to 178 employees at 12 locations. FIRST STATE BANK OF THE FLORIDA KEYS has a B 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 www.keysbank.com, "contact us" section to schedule an appointment to review their situation with a senior bank officer.



Health

Data for Q1 2014

Institution Health

B

Texas Ratio

GRADE:
C+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 FIRST STATE BANK OF THE FLORIDA KEYS had $20.62 million in non-current loans and owned real-estate with $82.3 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 25.05% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for FIRST STATE BANK OF THE FLORIDA KEYS decreased slightly from 28.52% as of March 31, 2013 to 25.05% as of March 31, 2014, resulting in a positive change of 12.16%.This indicates that the balance sheet and financial strength for FIRST STATE BANK OF THE FLORIDA KEYS has improved slightly in recent periods.

Deposit Growth

GRADE:
B

In the past year, FIRST STATE BANK OF THE FLORIDA KEYS has increased its total deposits by $4.82 million, resulting in 0.79% 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.

Capitalization

GRADE:
B

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 $852.4 million in assets with $82.3 million in equity, resulting in a capitalization level of 9.65%, which is above average.

Institution Statistics

Overall
FDIC Certificate #17509
Year Established1955
Employees178
Primary RegulatorFDIC
Assets and Liabilities
Assets$852.40 million
Loans$417.34 million
Deposits$611.30 million
Equity Capital$73.63 million
Loan Loss Allowance$8.67 million
Unbacked Noncurrent Loans$15.82 million
Real Estate Owned$4.80 million
Historic Data - March 2013
Assets$862.15 million
Equity Capital$74.28 million
Loan Loss Allowance$12.36 million
Unbacked Noncurrent Loans$15.82 million
Real Estate Owned$4.93 million
Profit Margin - Quarterly
Net Interest Margin2.9%
Return on Assets0.83%
Return on Equity9.77%
Interest Income$7.00 million
Rates

Sorry, we do not have rate data for FIRST STATE BANK OF THE FLORIDA KEYS

Locations

FIRST STATE BANK OF THE FLORIDA KEYS has 12 locations. Click to view all FIRST STATE BANK OF THE FLORIDA KEYS locations.