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 20th largest bank in the state of Florida. It is also the 883rd largest bank in the nation. It was established in 1955 and as of December of 2020, it had grown to 171 employees at 12 locations. First State Bank of the Florida Keys has an A health rating.

Reviews (3)

Huge Daily Fees-Response

Posted by: |

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.

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

Posted by: |

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. 


Health Grade Components

FDIC Certificate #17509
Year Established1955
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.1%
Return on Equity - YTD12.25%
Annual Interest Income$36.4MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$1.07B$943.1MM
LoansQ4 2020vs Q4 2019$712.3MM$636.1MM
DepositsQ4 2020vs Q4 2019$874.5MM$745.1MM
Equity CapitalQ4 2020vs Q4 2019$96.2MM$86.5MM
Loan Loss AllowanceQ4 2020vs Q4 2019$9.7MM$7.2MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$633.00K$1.8MM
Real Estate OwnedQ4 2020vs Q4 2019$435.00K$0

Sorry, we do not have rate data for First State Bank of the Florida Keys.



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