Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Riverside Bank of the Gulf Coast - Cape Coral, FL

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February 13, 2009: On Friday, February 13, 2009, Riverside Bank of the Gulf Coast was closed by the Florida Office of Financial Regulation. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million.

The FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank. TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

All non-brokered deposit accounts have been transferred to TIB Bank, Naples, FL and are available immediately. On Tuesday, February 17, 2009, the nine former Riverside Bank of the Gulf Coast locations reopened as branches of TIB Bank.

Transferred deposits will be separately insured from any accounts you may already have at TIB Bank for six months after the failure of Riverside Bank of the Gulf Coast.

All interest accrued through Friday, February 13, 2009, will be paid at your same rate; however TIB Bank will be reviewing rates.

TIB Bank
6435 Naples Boulevard
Naples, FL 34109
(800) 233-6330
http://www.tibbank.com

TIB Bank agreed to pay the FDIC a premium of 1.3 percent. In addition to assuming all of the deposits of Riverside Bank, TIB Bank agreed to purchase approximately $125 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $201.5 million.

For additional information and assistance contact the FDIC at: 800-823-5028; or go to: http://www.fdic.gov/bank/individual/failed/riverside.html

2009 FDIC Insured Failed Banks
 
 
 
 
Riverside Bank
of the Gulf Coast

521 Del Prado Boulevard
Cape Coral, FL 33990
http://www.riversidegc.com
 

Established on 12/15/1997 as
Riverside Bank of the Gulf Coast
 

Assets: $539 million
Deposits: $424 million
 
 
Cost to FDIC: $202 million

 

 
 

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for  Riverside Bank of the Gulf Coast and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Riverside Bank of the Gulf Coast
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
1-800-568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 2/15/1997

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