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2 More FDIC-Insured Banks Collapse

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Feb 13, 2009 3:00 pm US/Central

2 More FDIC-Insured Banks Collapse

WASHINGTON (AP) ― Regulators on Friday closed Sherman County Bank in Nebraska and Riverside Bank of the Gulf Coast in Florida, marking eleven failures this year of federally insured banking companies.

The Federal Deposit Insurance Corp. was appointed receiver of the banks. Sherman County Bank, located in Loup City, Neb., had $129.8 million in assets and $85.1 million in deposits as of Feb. 12. Cape Coral, Fla.-based Riverside Bank had assets of $539 million and deposits of $424 million as of Dec. 31.

The FDIC said Sherman County Bank's deposits will be assumed by Heritage Bank, based in Wood River, Neb. Sherman County's four branches, including those that operated under the name Howard County Bank, will reopen on Tuesday as branches of Heritage Bank.

TIB Bank of Naples, Fla., will assume all of the deposits of Riverside Bank. Riverside's 13 branches will reopen Tuesday as TIB Bank branches.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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