On Friday, February 13, 2009, Riverside Bank of the Gulf
Coast was closed by the Florida Office of Financial Regulation
and the Federal Deposit Insurance Corporation (FDIC) was
named Receiver. No advance notice is given to
the public when a financial institution is closed.
The FDIC has assembled useful information regarding your
relationship with this institution. Besides
a checking account, you may have Certificates of Deposit,
a car loan, a business checking account, a commercial loan,
a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled
the following information which should answer many of your
questions.
The FDIC has issued a press release (PR-021-2009) about
the institution's closure. If you represent a
media outlet and would like information about the closure,
please contact David Barr at
202-898-6992.
All non-brokered deposit accounts have been transferred
to TIB Bank, Naples, FL ("assuming institution")
and will be available immediately. On Tuesday,
February 17, 2009, the former Riverside Bank of the Gulf
Coast locations will reopen as branches of TIB Bank.
Your 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.
Checks that were drawn on Riverside Bank of the Gulf Coast
that did not clear before the institution closed will be
honored as long as there are sufficient funds in the account.If you have questions about your account(s) transferred to the assuming bank, you
may speak to an FDIC representative regarding deposit insurance
by calling: 1-800-823-5028.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account
without an early withdrawal penalty until you enter into
a new deposit agreement with TIB Bank as long as the deposits
are not pledged as collateral for loans. You may view more
information about TIB Bank by visiting their web site.
The Automated Teller Machines (ATM) and online service
will remain available.
As of Tuesday, February 17, 2009, you may continue to
use the services to which you previously had access,
such as, safe deposit boxes, night deposit boxes, wire
services, etc.
Your checks will be processed as usual. All
outstanding checks will be paid against your available
balance(s) as if no change had occurred. Your
new bank will contact you soon regarding any changes
in the terms of your account. If you have
a problem with a merchant refusing to accept your check,
please contact your branch office. An account
representative will clear up any confusion about the
validity of your checks.
All interest accrued through Friday, February 13, 2009,
will be paid at your same rate. TIB Bank will be
reviewing rates and will provide further information
soon. You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s)
will be transferred automatically to your new bank. If
you have any questions or special requests, you may contact
a representative of your assuming institution at your
branch office.
If you had a loan with Riverside Bank of the Gulf Coast,
you should continue to make your payments as usual. The
terms of your loan will not change under the terms of the
loan contract, because they are contractually agreed to in
your promissory note with the failed institution. Checks
should be made payable as usual and sent to the same address
until further notice. If you have further questions regarding
an existing loan, please contact your loan officer.
For all questions regarding new loans and the lending policies
of TIB Bank, please contact your branch office.
If you or your company provided a service or product,
leased space, furniture, or equipment to Riverside Bank
of the Gulf Coast after Friday February 13, 2009 and
have not been paid you do not have
a claim against Riverside Bank of the Gulf Coast. Please
follow your normal billing procedures by providing an invoice
as instructed.
Claims against failed financial institutions occur when
bills sent to the institution remain unpaid at the time
of failure. If you or your company provided a service or
product, leased space, furniture, or equipment to Riverside
Bank of the Gulf Coast prior to Friday February
13, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a
product to or a service for Riverside Bank of the Gulf
Coast prior to the bank's failure for which you have not
been paid and you have not received communication,
contact:
Federal Deposit Insurance Corporation
Receiver: Riverside Bank of the Gulf
Coast
1601 Bryan Street
Dallas, TX 75201
Please note: There are time limits
for filing a claim, your claim must be filed on or before
05/21/2009.
The FDIC offers a reference guide to deposit brokers acting
as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be
followed by deposit brokers when filing for pass-through
insurance coverage on custodial accounts deposited in a failed
FDIC Insured Institution.
