Dems use Riverside National Bank failure to slam Atwaterby George Bennett | April 19th, 2010
The Florida Democratic Party said Riverside’s failure undermines Atwater’s “claim to be someone who will stand up to fraud, waste and abuse.”
But Atwater, R-North Palm Beach, said he was never on Riverside’s board or one of its operating officers and “had no opportunity to influence the overall policies of the bank.”
Federal regulators closed Riverside on Friday. Its 58 offices from Palm Beach County to Volusia County were taken over by TD Bank, the U.S. arm of Toronto-Dominion bank. The failure is expected to cost the Federal Deposit Insurance Corporation’s Deposit Insurance Fund $492 million.
Riverside had $2.8 billion in deposits, according to the FDIC. Deposits at its five Palm Beach County offices totaled $148 million, or about 5 percent of the bank’s total.
Atwater was described over the years as a vice president or regional president at Riverside, but spokeswoman Jaryn Emhof said he functioned as a “regional business development manager” at the bank’s Palm Beach County branches before stepping down in February 2009 to concentrate on his duties as Senate president. Atwater’s 2008 pay from Riverside was $199,833 and he listed his title as “EVP” on his 2009 financial disclosure statement.
Atwater released a statement today saying he was “saddened” by the news about Riverside and adding that “I was never a member of the Board of Directors or an operating officer of the institution, and had no opportunity to influence the overall policies of the bank.”
Tags: Riverside National Bank