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All deposit accounts have been transferred in their entirety to TIB Bank,
based in Naples, FL. All former Riverside Bank of the Gulf Coast offices will
reopen for normal business hours on Tuesday, February 17, 2009, as branches of
TIB Bank.
As an All-Deposit Transfer transaction, the total of all deposit accounts,
whether within FDIC insurance limits or not, have been assumed by TIB Bank and
will be available for business as usual.
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work. The ATM machine will be unavailable for a short period of time on Friday for processing; however, it will be operational shortly after that is accomplished and will be available as usual.
Billpay services will continue without interruption.
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete. The FDIC
offers an online 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 in a failed FDIC-insured
institution. Please read the following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Deposit Broker
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required affidavits
or declarations on behalf of your client, please call 1-800-823-5028 and
indicate you have a form completion question.
If you are a customer who has a Riverside Bank of the Gulf Coast deposit through a broker, you must
contact your broker with any questions. Once the FDIC receives a balanced investor file along
with all the required documentation, from your broker, your insured funds will be wired to them on your behalf.
If you are a Depository Trust Company (DTC) participant broker, you
must contact DTC with any questions or withdrawal requests. If you are
a customer who has a TIB Bank deposit through a broker, you must
contact your broker with any questions.
You can provide a copy of this document or a copy of the press release (www.fdic.gov/news/news/press/2009/pr09021.html) since both documents state all deposits have been transferred to TIB Bank, and it is business as usual. Copies of this press release will be available at the former Riverside Bank of the Gulf Coast branches. Depositors or merchants can also call the FDIC at 1-800-823-5028 or the former Riverside Bank of the Gulf Coast branches.
Your account(s) has already been transferred to TIB Bank, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will “claim” your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
All deposits (both insured and uninsured) of Riverside Bank of the Gulf Coast have been transferred to TIB Bank, and it will be business as usual. If you held an account at Riverside Bank of the Gulf Coast, you now have an account at TIB Bank that is available to you at your former Riverside Bank of the Gulf Coast branches during regular business hours.
If you had a loan with Riverside Bank of the Gulf Coast, please continue to make your payments to the same address as you have in the past until you are instructed otherwise. Continue to make your checks payable to Riverside Bank of the Gulf Coast.
The former Riverside Bank of the Gulf Coast locations will reopen for normal business hours on Tuesday, February 17, 2009. You will have continued access to your money through your ATM/debit card and by writing checks.
Can Riverside Bank of the Gulf Coast customers use TIB Bank
branches?
No, not at this time. During the transition of Riverside Bank of
the Gulf Coast records to TIB Bank systems, Riverside Bank of the
Gulf Coast customers should continue to conduct their banking
business at former Riverside Bank of the Gulf Coast branches. You
will be notified when you can use TIB Bank branches.
Similarly, existing TIB Bank customers cannot use former Riverside
Bank of the Gulf Coast branches and should continue to conduct
their business at TIB Bank branches.
The transferred accounts will be separately insured for at least
six months after the merger. This grace period gives a depositor
the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after
the end of the six-month grace period. CDs that mature during the six-month period and
are renewed for the same term and in the same dollar amount (either with or without accrued interest)
continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your former Riverside Bank of the Gulf Coast branch location to make those arrangements.
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
You will receive your account statements at the same time you have received them in the past.
All interest on insured deposits accrued through February 13,
2009,
will be paid at your same rate. TIB Bank will be reviewing
rates and will provide further information soon.
If you deposited funds through a broker, the interest will accrue and be paid through
February 13, 2009.
Interest checks and cashier's checks will continue to clear.
Yes.
Yes, all deposits, including IRAs have been transferred in their
entirety to TIB Bank. IRA funds are insured separately from other
types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this
over into another retirement vehicle. You should consult IRS
Publication 590 and/or your tax advisor concerning the possible tax
consequences of such distribution. IRS Publication 590 may be obtained
by contacting your local IRS office or via the Internet at www.irs.gov.
No. All accounts have been transferred in their entirety to TIB Bank and will be available starting on Tuesday, February 17, 2009.
Checks that were drawn on Riverside Bank of the Gulf Coast that did not clear before February 13, 2009, will be honored up to your available balance.
Please contact a representative of your new bank at your former Riverside Bank of the Gulf Coast branch location to obtain a copy of any records you may need or visit your branch.
TIB Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
All deposits have been transferred in their entirety to TIB Bank; therefore, there are no uninsured deposits.
Please contact your former Riverside Bank of the Gulf Coast branch location to obtain information regarding your wire request.
You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer and we will research your loan.
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
All lines of credit, including Home Equity Lines of Credit (HELOCs) have
been suspended at this time and have been retained by the FDIC.
Customers may contact the FDIC about their loan at 1-239-656-7525.
You may contact TIB Bank at
1-239-573-9000 to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
Yes. These lines have been transferred to TIB Bank. Please contact your new bank if you have additional questions regarding your accounts.
You should continue to make your payments as agreed. Make checks payable
to Riverside Bank of the Gulf Coast and utilize the same payment address information.
You may continue to make your payments at the branch or by phone via check
or credit card.
This will be determined on a case-by-case basis.
The FDIC as Receiver for Riverside Bank of the Gulf Coast will not be originating any new loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance | (www.fdic.gov/deposit/index.html) |
Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
Washington, DC |
David Barr 202-898-6992 dbarr@fdic.gov |
Yes. Your deposit at TIB Bank is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling your former Riverside Bank of the Gulf Coast branch location.
The Riverside Bank of the Gulf Coast had no publicly owned stock. Equity shareholders were invested in the holding company, Riverside Gulf Coast Banking Company, Cape Coral, FL, not in the bank. Please contact the holding company with any questions you may have.
Please send your bills to the following address:
FDIC as Receiver for Riverside Bank of the Gulf Coast 1601 Bryan Street Dallas, TX 75201 |
Riverside Bank of the Gulf Coast, Cape Coral, FL was closed
February 13, 2009,
by the Florida Office of Financial Regulation. Subsequently,
the Federal Deposit Insurance Corporation (FDIC) was named Receiver. According to regulatory policy, there is no advance notice given to the public.
Please see the Florida Office of Financial Regulation's press
release for more information.
The good news is that no one lost any deposits as a result of the closure
of Riverside Bank of the Gulf Coast. To protect depositors, the FDIC Board of Directors approved the assumption
of ALL deposits of Riverside Bank of the Gulf Coast by TIB
Bank, headquartered in Naples, FL.
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
Last Updated 4/3/2009 | Customer Service |
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