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Riverside Bank agrees to increase its capital reserves

Written by: January 26 2010
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INDIAN RIVER COUNTY — Riverside National Bank has signed a written agreement with the Federal Reserve Bank of Atlanta to increase its capital reserves.

As part of the agreement Riverside agreed not to declare or pay dividends and not to incur any debts without the written approval of the reserve bank. The agreement, dated Jan. 15 and released Tuesday by the Federal Reserve, also states the company will submit a plan to maintain sufficient capital. According to the most recent available data Riverside had deposits of $114 million as of June 30, 2009. The bank had $3.5 billion in assets as of Sept. 30 of last year, according to the Federal Deposit Insurance Corp.

Riverside, which has its headquarters in Fort Pierce, has 61 branches throughout Florida, including two in Vero Beach and one in Sebastian.

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