First National Bank of South Miami

Learn important answers to some frequently asked questions regarding Covid-19 economic changes.
Download our available FAQ Fact Sheets
My business is expected to be adversely impacted by this crisis. Will I be able to conduct my banking business?

At this time the bank has taken the necessary precautions to be “business as usual” while ensuring the health
and safety of our clients and employees, as best we can.

We have equipped our bankers with secure connectivity to our bank files and systems. We have also forwarded
their business phone lines to their cellular phones so they can remain available to you.

We have increased ATM withdrawal limits as well as remote deposit limits.

We are providing our clients with information on the latest small business assistance programs and will stay
abreast as new information becomes available.
My business has been adversely impacted by the COVID 19 virus and I need a loan from the bank, who should I speak to?

This is quite a challenging time for all of us and we can certainly appreciate how this has affected you.

At First National we have always been there for our clients since 1952, and we will continue to be here
for them. At this time some branch locations and hours have been affected in order to ensure the safety
and well-being of our clients and associates. Despite that, we have provided our bankers with laptops
and have forwarded their phone lines to their personal phones ensuring that they can stay connected and
handle all their client’s needs.

If you do not know who your personal banker is, please call our main office line and our receptionist will
direct you to one of our many bankers who will stand ready to help you with your financing needs.
I have a loan with the bank and am concerned that I may have trouble making my loan payment. Is there anything the bank is doing to help me? Yes!

With our economy in a virtual shut down we can appreciate the financial implications that this may be causing

If you feel that you will be affected and need some relief, we are offering to our clients an interest only option
with reduced escrows (RE taxes for the current year deferred) for the next 90 days. In other words, if your
current payment is comprised of principal + interest, you may request that it be modified to an interest only
option with reduced escrows for 90 days. This means that the principal reductions that you would have been
making will be deferred until the maturity of the loan.

It is important to understand that for those clients choosing the interest only option with reduced escrows, that
any escrows deferred will be collected in the following year through increased escrow payments.

Some individual situations can be even more severe, and we will handle those on a case by case basis. If this is
your case, please contact your banker.
How do I request the interest only option?
To request, we will need for you to send us a letter or an email requesting that you would like to exercise the interest-only with reduced escrow payments option and providing a brief description for the request.
Once we receive this request, we will send you a confirming email which will provide the modified terms. Additionally, it will be necessary for you (and any guarantors) to execute a modification agreement that indicates the modified terms and conditions. Once you have been able to execute the document, you can mail, fax or scan and email us the executed agreement.
Feel free to contact your banker for additional details.
What are the programs that are currently available from the government?
As you have seen the government has been very responsive to ensure that American businesses stays in business. In many cases some of these programs are still being developed and defined.
We have put together a FACT sheet on these assistance programs which is available through our website.
Briefly these programs are:
State of Florida Emergency Bridge Loan Program for Small Business Impacted by COVID-19:
Short term, one year- interest-free loan up to $50,000.
Purpose: Interest free loan to bridge the gap between the time the economic impact occurred and when a small business secures other financial resources, including payment of insurance claims or longer term SBA loan.
Managed by: Florida Department of Economic Opportunity
Application Period: March 17, 2020 through May 8, 2020
What’s a small business: 2-100 employees
Other requirements:
Business must have been established by March 9, 2020
Business must be able to demonstrate the economic impact as a result of COVID 19
For more information:
Florida Small Business Development Center Network
SBA Economic Injury Disaster Loans (Coronavirus Preparedness and Response Supplemental Appropriations Act)

Long term low interest amortizing loans up to $2 million.

Purpose: Provide vital economic support to small business to help overcome temporary loss of revenue they are experiencing.
Uses: May be used to pay fixed debts, payroll, accounts payable, and other bills that have arisen as a result of the COVID 19 virus.
Interest Rate: 3.75% for small business without credit available elsewhere, 2.75% for non-profits
Note: Business that have credit available elsewhere are ineligible
For more information:
Call: 1-800-659-2955
With all that is happening in the markets I am concerned about the safety of my money. Is First National Bank of South Miami a safe place to keep my money?

Yes, by all means. Yes!
First National Bank of South Miami (FNBSM) has been a family-owned community bank since 1952. We are considered well-capitalized by regulatory standards and have lived through many crises. We have been through hurricanes, recessions and even the great recession of 2008. Today, we are even stronger.
What about FDIC Insurance?
FDIC deposit insurance covers the depositors of a failed FDIC-insured depository institution dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default, up to at least $250,000.
I have more than $250,000 with First National Bank of South Miami. Am I only covered for that amount?
It depends. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.
Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank. For example, a revocable trust account (including living trusts and informal revocable trusts commonly referred to as payable on death (POD) accounts) with one owner naming three unique beneficiaries can be insured up to $750,000.
If you are concerned you have several options:
Contact your FNBSM banker who will help you determine the level of FDIC coverage that you have.
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You can go to the FDIC website at and review the "Your Insured Deposits" brochure which includes more comprehensive information and examples of deposit insurance coverage for various ownership categories.
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You can also access the FDIC's Electronic Deposit Insurance Estimator (EDIE) to get details about your specific situation.
How can I get deposit insurance?
Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened.

I am concerned with having uninsured deposits, even though I know your institution is strong, what should I do?
At First National Bank of South Miami we have private bankers and investment advisors that can help you consider your personal situation and make recommendations based on your individual needs. Contact a FNBSM Private Banker to discuss your personal circumstances. They stand prepared to assist you.

I understand the bank has imposed a $2500 check cashing limit.
Banks maintain modest cash positions in their branches to mitigate loss from robbery.
Cash for high volume cash clients is typically done through armored services which further limits the amount of cash our branches maintain while serving our client’s needs.

We strongly discourage clients that do not typically need these levels of cash for their business because of the personal risk to them and their families.
Typically, clients with unusually high cash requests are handled on a case by case basis and require us to contact the Federal Reserve for a special shipment.
FNBSM has allowed for increased ATM cash withdrawals and are waiving the fees normally imposed on these transactions (for non-FNBSM ATMs). This makes it very convenient for clients to withdraw cash as their needs arise. (Other banks might still charge a fee for using their ATM). Unlike during a hurricane, there is no risk that ATMs lose power and are unable to provide the cash you need.
I want to increase my limit on Mobile Deposit.
We can appreciate that you are desirous of complying with the social distancing expectations and therefore we are allowing for increased mobile deposit and remote deposit (for commercial business) limits. Because each client’s situation is slightly different, we are handling these on a case by case basis.
If you would like us to consider increasing your mobile deposit limit, please contact your FNBSM banker.

Why is your bank closing your offices and what are your hours?

We have only closed our Coral Gables and Doral offices. At South Miami and the Falls, we are reducing our hours of operations in order to safeguard our staff and protect you. Please know that our bankers are available to assist you with any needs or concerns you may have via phone, online chat, or email. Our bankers have full access to address your banking and investing needs.

Our Chief Operating Officer has produced a video that discusses this. I encourage you to go to view this video.
New Branch Hours of Operation:

• Coral Gables and Doral offices closed to the public.
• South Miami Lobby and Drive-in weekday hours: 9am to 4pm. Drive-thru Saturday hours: 9am to 1pm.
• Please call ahead or schedule an appointment online prior to visiting South Miami lobby for prompt service.
• The Falls office weekday Drive-in hours: 9am to 4pm. No access to the lobby. Saturdays: 9am to 1pm for Drive-in service.

I want to increase my limit on my debit card.
We can appreciate that your use of your First National Bank of South Miami debit card has increased. We want to be sure to provide you with the appropriate level of access that ensures you can take care of your needs as well as protect you from potential fraud, which has increased of late. Because each client’s situation is slightly different, we are handling these on a case by case basis.
If you would like us to consider increasing your mobile deposit limit, please contact your FNBSM banker.
How can we access our account information?

At First National Bank of South Miami we provide a personalized level of service and our private bankers and advisors are always available to speak with you. You can also access your information electronically through our digital platform tools such as online banking (First National Bank of South Miami) and through weblink (First National Bank Trust and Investment)

What advice is FNBSM giving to clients?

Our advice is not to PANIC.

We advise our clients to have an up-to-date financial plan and an investment strategy that is coordinated for your unique circumstances, family dynamics, values, and goals.

Because we value your relationship with FNBSM, our Financial Planning services are a complimentary component of your relationship with us. Because these are times where social distancing is so important for all of us, we have equipped our bankers with connectivity that allows them to help you with your financial planning needs remotely.

Our Investment professionals have full virtual meeting connectivity and can work with you while you are at home via conference call and with computer access.


I have money at many banks, and I’m concerned about FDIC coverage – what do you recommend?

First, it’s important to know how your accounts are titled and the level of coverage each account has per institution. Individual, business, and Trust accounts each have different rules and coverages. I recommend you speak to our Private Bank and Trust team to help you make sure you have proper coverages across your bank assets.


How long do you think this is going to last?

It’s too early to tell.

Many experts believe that June/July will be best case scenario for markets to see a turning of events while others believe it will last through the end of 2020. With either case, our advice is to have a strategy and team in place to guide you through these times. Our Investment staff have full virtual meeting connectivity and can work with you while you are at home via conference call and computer access.


Where are my assets held?

Financial assets held in fiduciary or investment management accounts are neither assets nor liabilities of the bank.

By law, assets held in these accounts must be segregated from all other bank assets. Likewise, the books and records of these accounts must also be kept separate from the books and records of other bank activities, such as routine deposit and withdrawal transactions.

The ownership of these assets remains vested in the individuals or entities for whose benefit the bank is acting as corporate fiduciary, investment manager and custodian. First National Bank of South Miami’s Trust Department uses an independent third-party custodian to safekeep our client’s assets.


I have seen huge losses in the stock market – Should I sell now?

Before making any investment decisions it’s important to understand how it will impact your long-term goals. Our team can help you understand the implications of selling and how it will impact your goals. We recommend you speak to our Certified Financial Planner who can help you understand the short- and long-term impact of your investment decisions. Our Investment staff have full virtual meeting connectivity and can work with you while you are at home.


I am hearing that this is the lowest the market has been since 2017 – should I be buying at this point?

There are different strategies of how to buy back into the market.  Our advice is to have a strategy that is tailored to your overall financial picture, goals, and objectives. We recommend you speak to a FNBSM Certified Financial Planner who can help you understand the short- and long-term impact of your investment decisions. Our Investment staff has full virtual meeting connectivity and can work with you while you are at home.

At First National Bank of South Miami our Private Banking and Trust Professionals are collaboratively working to serve our clients by helping them navigate the ever-changing environment. We're here to help. Our Team is committed to guiding you through these uncertain times. If you would like to speak to an advisor, please do not hesitate to contact us at any time.


Are you recommending any special preparations that one should take during these uncertain times?

In uncertain times, such as the ones we are facing today, it is highly suggested that clients review their estate planning documents to make sure that they are up to date and correspond with their current life situation. The 5 main estate planning documents are:

  • Trust
  • Will
  • Durable Power of Attorney
  • Health Care Power of Attorney
  • Living Will

It is always a good idea to have your personal affairs in order!

Whether there is a state of emergency, or you are going about your life as usual, one should be prepared. A Trust/Will is the foundation for a successful estate plan. These documents define how and when your assets or property will be transferred to your desired beneficiaries.

During a pandemic, health is always a concern. In the unfortunate event that you are hospitalized, it is beneficial to have a Durable Power of Attorney in which a trusted agent or loved one is granted the ability to manage your financial affairs. This includes paying bills, transferring funds, etc. In addition, a health care Power of Attorney authorizes the person that you appoint as your health care surrogate to make decisions concerning your health if you are unable to. Lastly, a Living Will is a legal document that allows you to spell out your decisions about end-of-life care ahead of time. We can work with you and your legal advisor to ensure these important documents are up to date.


A message from the Chief Operating Officer…
As your community bank since 1952, First National Bank of South Miami has lived through many very challenging times and cycles. While this COVID-19 event is unprecedented, we again assure you that you can count on us. First National Bank of South Miami is a well-capitalized award-winning bank with a Five Star Bauer rating. We remained strong through the financial crisis and are even stronger today. Safety and Soundness has been our priority since opening our doors. We have taken all the prudent steps to ensure that we are able to address all your financial needs.

At First National Bank of South Miami the health and well-being of our clients and staff is our top priority.

Thank you for your loyalty. Be safe and always know that you can count on First National Bank of South Miami.

Veronica Birch-Flores
Executive Vice President
Chief Operating Officer
Board Member

Certain investments and/or products offered by the Trust Department are not insured by the FDIC, are not a deposit or other obligations of, or guaranteed by, the First National Bank of South Miami. These products and/or investments are subject to investment risks, including the possible loss of the principal amount invested.
SBA loans are in participation with the SBA
This is not a commitment to lend
Deposit products offered by First National Bank of South Miami, N.A. Member FDIC.  Equal Housing Lender, NMLS #568851