Editor's note: This is a statement from Riverside National Bank regarding last week's closing of Riverside Bank of the Gulf Coast.
Fort Pierce - "There are several banks in Florida that have the word 'Riverside' in their names. Each of the banks is independently owned and operated. Each operates in separate geographical areas of the state through separate branches and other facilities, and each has separate charters, separate employees and management teams, and separate boards of directors - even different products and services.
One of these banks - Riverside Bank of the Gulf Coast based in Cape Coral - was recently closed by regulators.
Riverside National Bank is based in Fort Pierce and has NOT closed. Customers of Riverside National Bank will not be affected by the closure of a completely different bank."
Additional facts about Riverside National Bank
Riverside National Bank was founded in September 1982 by Vernon Smith together with certain St. Lucie County community leaders. Riverside National Bank is based in Fort Pierce and has 60 branches in 10 counties throughout the Treasure Coast, Space Coast and Heartland regions of Florida (St. Lucie, Brevard, Indian River, Okeechobee, Martin, Palm Beach, Polk, Volusia, Highlands and Lake - Riverside Bank of the Gulf Coast does not operate in any of these counties). Riverside National Bank has assets of approximately $3.8 billion.
Riverside National Bank is a completely separate and different legal entity which operates under a federal charter issued by the U.S. Comptroller of the Currency ("OCC"). Riverside National Bank is primarily regulated by the OCC.
Because the banks operate in different geographical areas of the state, very few customers of Riverside National Bank are believed to be customers of Riverside Bank of the Gulf Coast. Customers sometimes have accounts or loans with multiple banks, but any overlap of customers is believed to be nominal and no greater than with other banks located in Florida.
Vernon Smith, recently retired CEO of Riverside National Bank, was the primary founder of both banks - Riverside National Bank in 1982 and Riverside Bank of the Gulf Coast in 1997 - which resulted in the common use of the word "Riverside." However, the fact remains that they are completely different banks. The closure of Riverside Bank of the Gulf Coast, while unfortunate, will have no impact on Riverside National Bank.
Additional facts about Riverside Bank of the Gulf Coast
Riverside Bank of the Gulf Coast was founded in May 1997 by Vernon Smith, together with certain Cape Coral community leaders. Riverside Bank of the Gulf Coast is based in Cape Coral and has nine branches in three counties in Southwest Florida (Lee, Collier and Sarasota - Riverside National Bank does not operate in any of these counties). Riverside Bank of the Gulf Coast has assets of approximately $550 million.
Riverside Bank of the Gulf Coast operates under a state charter issued by the Florida Department of Financial Services and is primarily regulated by the Federal Reserve.