As Congress casted Friday's economic recovery bill votes, federal regulators announced the closing of 4 banks.

Sherman County Bank in Loup City, Neb.; Riverside Bank of the Gulf Coast in Florida, based in Cape Coral; Corn Belt Bank and Trust Co. of Pittsfield, Ill.; and Pinnacle Bank of Beaverton, OR gone...

Riverside Bank of the Gulf Coast was closed by regulators on Friday and TIB Bank of Naples assumed its deposits.

The closure was the most expensive of four announced by the Federal Deposit Insurance Corp. on Friday, which estimated a $341 million total hit to its insurance fund. So far, 13 institutions insured by the FDIC have been closed in 2009.

Riverside Bank, which had nine branches, was closed by the Florida Office of Financial Regulation. The FDIC was appointed receiver and cut the deal with TIB.

Riverside Bank is headquartered in the Fort Myers-area city of Cape Coral on Florida’s southwest Gulf Coast. The region has been held up as a prime example of the nation’s housing meltdown.

President Barack Obama visited the area earlier in the week to talk up the need for the stimulus plan.

Riverside Bank had $539 million in assets at the end of 2008, but TIB Bank is only taking $125 million. The assets are mainly cash, cash equivalents and marketable securities.

Before Friday's news, Ocala National Bank, which failed Jan. 30, was the last bank to fail in Florida.

Riverside Bank of the Gulf Coast is not affiliated with either Riverside National Bank of Florida in Fort Pierce or with Riverside Bank of Central Florida in Winter Park.

The three smaller banks closed were in Illinois, Nebraska and Oregon.
In Illinois, Carlinville National Bank in Carlinville assumed deposits of Corn Belt Bank and Trust of Pittsfield, whose two branches were closed by Illinois banking regulators.

The deposits of the one-branch Pinnacle Bank of Beaverton, Ore., were being assumed by Washington Trust Bank of Spokane, Wash. The closure was made by Oregon banking regulators.
Read on.