Business as usual at former Riverside Bank branches

INDIAN RIVER COUNTY — TD Bank, which took over Riverside Bank after it was seized by the federal government, had all its Indian River County branches open and operating Saturday.

Locations of the new bank on U.S. 1 in Sebastian and Vero Beach and Route 60 in Vero Beach were all open and helping customers. One teller said it was about the same volume of people as any other Saturday.

“I would have thought there would have been more people in,” she said.

On Friday night the Federal Deposit Insurance Corporation entered Riverside Bank headquarters in Fort Pierce and handed the bank over to TD Bank, which took immediate control. TD Bank is the U.S. subsidiary of Toronto-Dominion Bank, the second-largest bank in Canada. TD Bank is the sixth largest bank in the United States.

One day into the change in ownership the switchover has been seamless. Riverside Bank customers still have access to their online accounts and can use ATMs as needed.

However, when dialing the old Riverside number, callers are told that they are now banking with TD Bank.

There had been some speculation that Stuart-based Seacoast Bank was interested in purchasing the assets of Riverside in a firesale. No reason has been given why TD Bank was the eventual buyer.

Where a purchase by Seascoast might have meant a reduction in the workforce due to overlapping branches, former Riverside Bank employees are hopeful they will be able to keep their jobs as TD Bank employees.

One employee said the new owners might have to hire workers because most TD Bank branches are open 7 days a week and keep drive-up windows open until 8 p.m. Monday through Friday.

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