Failed Bank List

Closed Friday, April 16, 2010 · Fort Pierce, St. Lucie County, Florida

Riverside National Bank of Florida

The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. Regulators closed eight banks that day. In the three years to the fourth quarter of 2007, Riverside National Bank of Florida's assets grew 102%.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$1.5B$3B$4.5B$6B2003200420052006200720082009Closed
Total assets peaked at $4.8 billion and were 29% lower at the final report. Equity capital went from 8.6% of assets in the second quarter of 2002 to below zero at the last report. By then 13% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $139 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$160M−$160M2002: $28.1 million20028.5%2003: $30.1 million20038.3%2004: $36.2 million20049.3%2005: $38.7 million20057.3%2006: $41.5 million20068.0%2007: $34.9 million20077.4%2008: −$139 million20082.5%2009: −$131 million2009neg.2010: −$18.8 million2010*neg.
* 2010: January to March only, the last report before closing.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; Riverside National Bank of Florida in red.

By assets it ranked fourth of the 157 failures in 2010. Within Florida it ranks sixth by size of the 179 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was La Jolla Bank, FSB of La Jolla, California ($3.6 billion, loss 15% of assets); just below, Frontier Bank of Everett, Washington ($3.3 billion, loss 14% of assets). Every 2010 failure in the explorer.

Closed together

The same acquirer took over two other banks that day. With Riverside National Bank of Florida, the group reported $3.9 billion in assets, and the FDIC's estimated loss on all three is $28.4 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
First Federal Bank of North FloridaPalatka, FL$440 million$12.0 million1934
AmericanFirst BankClermont, FL$104 million$16.4 million2004

The largest of the others outside this group was City Bank of Lynnwood, Washington, at $982 million.

Failures in Florida

In 2010 regulators closed 29 banks in Florida; this was the seventh. The previous failure there was Key West Bank of Key West, on March 26, 2010. The next was The Bank of Bonifay of Bonifay, on May 7, 2010. St. Lucie County has 4 failed banks on FDIC record since 1934. The others: First Citizens Federal Savings and Loan Association (1991), SeaFirst Bank (1991), First Peoples Bank (2011).

Bank failures in Florida per year, 1980 to 2026081624321980: 11982: 11984: 21985: 31986: 51987: 61988: 51989: 191990: 211991: 231992: 91993: 11999: 22002: 22004: 12008: 22009: 142010: 292011: 132012: 82013: 42014: 12015: 12020: 119801990200020102020
Per year since 1980, 2010 in red. Every Florida failure

FDIC certificate 24067 · loss estimate as of July 31, 2026 · How to read this page