Treasure Coast Newspapers, Stuart, Fla., Anthony Westbury column
By Anthony Westbury, Treasure Coast Newspapers, Stuart, Fla. | |
McClatchy-Tribune Information Services |
Yet today it's tough to find any of the former major investors in the bank -- some of whom allegedly lost millions -- prepared to talk about it publicly.
One person who is still angry is
"Yes, I'm still very upset about the failure of the bank," Jetson said by phone this week. "I'm angry and disappointed with Vernon and the board of directors -- his 'yes-men,' as I call them."
Riverside was once an incredible success story. The bank grew rapidly from one branch in 1982 into a regional banking powerhouse that at its peak had 65 offices in 10
Yet those rosy numbers masked hundreds of "nonperforming" loans that totaled
The
By 2009 it was painfully clear the privately held stock was essentially worthless.
The
Yet the suit was settled in March for only
Some -- such as Jetson -- have said top Riverside officials got off easy again.
"I think the board (of directors) was blind to (the underlying problems at the bank)," Jetson said. "They were hoodwinked that Vernon could do no wrong. I still think everyone should be accountable.
"I had persuaded my aunt and my grandmother to invest in Riverside back in 1982. During the 'good times' they lived well off the dividends. My aunt left me 14,000 shares of stock that was worth about
Yet the bank crashed almost as soon as Jetson received his inheritance.
"No one ever questioned Vernon," he said. "The whole board were yes-men. I've lost quite a few good friends because I'm not afraid to talk about it."
Aside from Jetson, there's almost complete silence about what happened at Riverside.
Accountant
"Yes, mistakes were made, " Gaines admitted, "but I have sympathy for Vernon; his standing in the community has taken a big hit. Everyone forgets that the executives lost money, too."
Smith did not return calls for comment on the
The
Yet as
I'm no banker, but that sounds about right to me. The fact that the
The Riverside saga can be seen as a textbook case of the old saying, "pigs get fat, hogs get slaughtered."
There was an awful lot of slaughtering going on in 2010, and many people -- including most rank and file Riverside employees whose retirement accounts were in Riverside stock -- are bleeding still.
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Wordcount: | 817 |
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