3 star ratingAverage User Rating:
3 star rating based on 2 reviews.

FIRST STATE BANK OF THE FLORIDA KEYS

FIRST STATE BANK OF THE FLORIDA KEYS Locations
1201 Simonton Street
Key West, FL 33040
www.keysbank.com

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 750th largest bank in the nation. It was established in 1955 and as of March of 2012, it had grown to 177 employees at 12 locations. FIRST STATE BANK OF THE FLORIDA KEYS has a 3-star health rating.


Data for Q1 2012


Institution Statistics


FIRST STATE BANK OF THE FLORIDA KEYS
FDIC Certificate #17509
BankRate ReportView
Year Established1955
Employees177
Primary RegulatorFDIC

Assets and Liabilities

Assets$888.26 million
Loans$422.17 million
Deposits$608.12 million
Equity Capital$70.01 million
Loan Loss Allowance$13.80 million
Unbacked Noncurrent Loans$22.24 million
Real Estate Owned$10.81 million

Historic Data - March 2011

Assets$757.61 million
Equity Capital$56.90 million
Loan Loss Allowance$13.50 million
Unbacked Noncurrent Loans$27.58 million
Real Estate Owned$10.46 million

Profit Margin - Quarterly

Net Interest Margin2.94%
Return on Assets0.43%
Return on Equity5.47%
Interest Income$7.75 million

Institution Health


Overall Score:
3 out of 5
3
Texas Ratio2
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 March 31, 2012 FIRST STATE BANK OF THE FLORIDA KEYS had $33.05 million in non-current loans and owned real-estate with $83.81 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 39.44% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for FIRST STATE BANK OF THE FLORIDA KEYS decreased slightly from 54.03% as of March 31, 2011 to 39.44% as of March 31, 2012, resulting in a positive change of 27.01%.This indicates that the balance sheet and financial strength for FIRST STATE BANK OF THE FLORIDA KEYS has improved slightly in recent periods.
Deposit Growth5
In the past year, FIRST STATE BANK OF THE FLORIDA KEYS has increased its total deposits by $56.53 million, resulting in 10.25% 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 excellent.
Capitalization3
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 $888.26 million in assets with $83.81 million in equity, resulting in a capitalization level of 9.43%, which is average.
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Huge Daily Fees
1 stars - psnyder - Wednesday, March 30, 2011 - 4:02 PM

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. 

4

Huge Daily Fees-Response
5 stars - DonLanman - Monday, July 18, 2011 - 4:34 PM

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.

2
 
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