Pandemic 2020 Updates

First State Bank cares about the health and well-being of our customers, our community, and our team members.

As the impact of the Coronavirus continues to affect our Keys community, our nation, and our world, please be assured that we are also focused on continuing to provide service to our customers. We have taken and will continue to take steps to ensure that we deliver the level of quality, excellence, and timeliness you are accustomed to, although the ways in which we deliver our service to you may change.

Please know the Keys' Hometown Bank is here to help you throughout this crisis, as we have been since 1955. We will get through this together.  We are #KeysStrong!

Location & Hours Update

Out of an abundance of caution the Bank has temporarily consolidated our locations to strategically place our staff at branches that have both drive-thru and lobby access and are most convenient to the majority of our customers and to ensure proper social distancing as well as safety, cleaning and sanitizing protocols are maintained based on the expert recommendations encouraged and emphasized by our local, state, and national governments.

All ATMs remain in service. Courier service in the Upper and Middle Keys continues. Our local Call Center remains ready to serve. And of course, all Online and Mobile Banking services are available and encouraged as a means of social distancing.

Full-Service Locations - Lobby, Drive-Thru, ATM, and Night Drop Services Available

  • Key West Main Office - 1201 Simonton Street, Key West - Walk-Up Window Available
  • Key West Boulevard Office - 3406 N. Roosevelt Blvd, Key West
  • Stock Island Office - 5450 MacDonald Ave, Stock Island 
  • Big Pine Office -  30515 Overseas Hwy, Big Pine Key
  • Marathon Office - 6900 Overseas Hwy, Marathon
  • Islamorada Office - 81621 Old Hwy, Islamorada
  • Key Largo Office - 97670 Overseas Hwy, Key Largo
  • Key Largo Tradewinds Plaza Office, 101433 Overseas Hwy, Key Largo

Call Center - 305-296-8535

  • Extended Hours Mon - Fri: 8 AM - 6 PM / Sat: 9 AM - 4 PM

Temporarily Closed Locations - ATM Service Available

  • Old Town Office, 444 Whitehead Street, Key West
  • Winn-Dixie Office - 2778 N Roosevelt Blvd, Key West - Night Drop Service Available
  • Summerland Office - 24794 Overseas Hwy, Summerland Key - Night Drop Service Available / Safe Deposit Box Access by Appointment

We have taken the following precautions to help protect our employees and our customers while inside our offices:

  • Face masks are required of everyone (employees/customers/vendors/visitors) entering any of our lobbies or other facilities
  • Safety shields have been installed at all teller windows and customer service stations
  • Social distancing markers have been placed in each lobby
  • Surfaces are wiped down by staff throughout the day
  • Hand sanitizer is available at every location
  • Daily temperature checks are required of all employees in Key West offices
  • Buildings are thoroughly cleaned and sanitized on a regular basis

SBA Payroll Protection Program (PPP) Forgiveness

SBA Guidelines for Using Your PPP Funds (updated 7/1/20)

The SBA has made the following important changes to the PPP program. 

  • Extends the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who received PPP loans before June 5, 2020 may elect to use an eight-week (56-day) covered period.  
  • Lowers the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increases to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extends the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).

Payroll Costs (per the Interim Final Rule updated 6/12/20)

Payroll Costs May Include:

  • Compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation
  • Cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips)
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for separation or dismissal
  • Payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement
  • Payment of state and local taxes assessed on compensation of employees
  • For an independent contractor or sole proprietor - wages, commissions, income, or net earnings from self-employment or similar compensation

Excluded Payroll Costs Include:

  •  Any compensation of an employee whose principal place of residence is outside of the United States
  • The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary
  • Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees
  • Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127)

Eligible Covered Expenses

  • Interest (but not principal) on mortgage obligations incurred before Feb 15, 2020
  • Rent payments on leases dated before Feb 15, 2020
  • Certain utility costs for services that began before Feb 15, 2020

Foregiveness Documentation

Required Documentation:

  • PPP Loan Forgiveness Application, SBA Forms: 
    • 3508S - Intended for borrowers with PPP loans of $50,000 or less
    • Total loans from all business affiliates cannot exceed $2 million.
  • 3508EZ - Intended for borrowers who meet one of three criteria on the 3508EZ Instructions
  • 3508 - Intended for borrowers who are not eligible to use the 3508S or 3508EZ forms
  • Evidence of payroll costs
  • Evidence of average full-time equivalent number of employees
  • Evidence of restoring the full-time equivalent number of employees
  • Evidence of covered utilities expenses (if applicable)
  • Evidence of covered rent expenses (if applicable)
  • Evidence of mortgage interest expenses (if applicable)

Examples of Documentation:

  • Copy of payroll checks
  • Payroll summary from a 3rd party (i.e. ADP, PayChex)
  • Lease agreements with copies of rent payments
  • Mortgage statements showing interest expense
  • Documentation showing your attempt to rehire employees that declined to return

Recommended Practices:

  • Maintain a separate account for tracking purposes
  • Maintain or increase your full-time equivalent employee count
  • Document use of all funds

*All updates above are taken from the SBA and are provided to assist borrowers in preparing for the loan forgiveness application and should not be considered absolute or complete. Guidance provided by the SBA is subject to change. The best resource for the most updated information is Treasury.Gov/Cares.

Healthy Banking Practices - Skip the Trip!

To help you to reduce your exposure, be sure to take advantage of all of the ways that you can bank with First State Bank from your home, office, or vehicle to maintain social distancing.

Online and Mobile Banking

  • Check account balances and pending items in real-time
  • Transfer funds to another account or bank
  • Make loan payments
  • Pay bills
  • Deposit checks
  • View, search, and sort transaction history
  • View online and mobile transactions
  • View statements, checks, and deposit slips
  • Manage email, text, and phone alerts
  • Send and receive secure messages
  • Request address change
  • Request stop payment
  • Reorder checks

Cash Needs & Purchases
First State Bank (FSB) Debit Cards, Night Drops, and ATMs

  • Use your FSB debit card to get cash at any FSB ATM or Publix Presto! ATM with NO ATM fees.
  • Use your FSB debit card to get cash back from your purchases.
  • Deposit cash at any FSB ATM or Night Drop.
  • Use your FSB debit card to shop online or by phone and have items delivered directly to you.

Telephone Banking and Call Center - 305-293-0000

Our 24-hour automated Telephone Banking service allows you to get balances, transfer funds, or manage your debit card all over the phone. For additional help, our local Call Center Representatives are available Monday through Friday from 8 AM - 6 PM and Saturdays from 9 AM - 1 PM.


Get the ball rolling on a new residential loan or personal loan. You can start your application online from your computer or mobile device. 

Loan Deferrals

If you would like to request a loan deferral, please fill out a contact request through the button below and we will contact you.

Contact Me Regarding a Loan Deferral

Stimulus Checks - Alerts, Tracking, and Check Verification

What's the easiest way to see if your EIP Stimulus Check has arrived in your First State Bank account? 

Set up an IRS Alert!

  1. Login to Online or Mobile Banking
  2. Go to: Menu -  Settings - Alerts
  3. Select: New Alert - History Alert
  4. Account - Select account that stimulus check should be deposited into
  5. Transaction - Select Description
  6. Description - Enter IRS
  7. Delivery Method - Choose Secure Message, Email, Phone, or Text 
  8. Frequency - Every Occurance

We've got several additional easy ways to check your account, anytime of the day or night, while remaining safely in quarantine.

  • Login to Online Banking above or Mobile Banking to view balances and see all transactions including recent deposits
  • Call our automated Telephone Banking service at 305-293-0000 to get information like your balance or last 10 deposits
  • Use Text Banking to check your balance - Text BAL to 226563. Not enrolled yet, do it today through Online or Mobile Banking.

Want to check on the status of your Economic Impact Payment (Stimulus Check)?

The IRS has created a tracking tool to help. Visit their website for more information:

Need to verify that the paper Stimulus Check you received is not fraudulent?

Visit the US Department of the Treasury's Treasury Check Information System (TCIS) page:

CARES Act - Individual Retirement Account (IRA) Updates

Please consult with your tax advisor on how these changes may affect you and what actions are best for your situation.

  • Deadline for contributing to an IRA for tax year 2019 was extended to July 15, 2020
  • Requirement to take a minimum distribution (RMD) for 2020 has been suspended.  This includes Traditional and Inherited IRA distributions. Any customer that took a distribution within the last 60 days may put it back and it will be rolled over.  
  • 10% IRS early withdrawal penalty will be waived on distributions up to $100,000 taken between January 1 and December 31, 2020
  • No mandatory withholding on rollovers from Qualified Plans where the funds are paid directly to the participants
  • Option to pay any taxes on COVID-19 related distributions over three years
  • Extended time to rollover funds from qualified plans may apply

Additional Relief Resources

To further assist you, we have provided below some additional outside resources that may be helpful to you during this time.



Protect Yourself from Scams - Security Resources