Riverside Bank of the Gulf Coast
Who: Riverside Bank of the Gulf Coast
What: 11th bank failure of 2009 (Feb. 13, 2009)
Where: Cape Coral, Florida
Why: Real estate debt.
Fast Facts: TIB Bank of Naples, Florida assumed all deposits from Riverside Bank of the Gulf Coast; December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. Riverside Bank is the second bank to fail in Florida this year--Ocala National Bank failed on January 30, 2009. Earlier in the week of the closure, Riverside Chairman Elmer Tabor told The News-Press that he was in the final stages of signing a deal to get an infusion of private capital. "All in all, everything appears to be going well," Tabor said at that time.
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