Key West Bank, regulated by the federal Office of Thrift Supervision, was closed in March 2010.
The FDIC published a report that attributed the failure to excessive high-risk adjustable-rate mortgages, including a significant number of interest-only loans. Such loans are among those that put the entire American financial system in jeopardy.
Last year, a grand jury indicted a former Key West bank officer on charges that she'd shared information about a secret law enforcement inquiry.
Federal investigators say Karen Galo gave a heads-up to one of the bank's clients that his records had been pulled by law enforcement officers.
The client was being investigated for reportedly buying a "go-fast" boat and ferrying immigrants from Cuba.
Galo pleaded guilty to the charges in May; she faces up to five years in prison. Her sentencing is expected later this year. But no date has been set.