Victory 1 Project

Creative Online Resources

State’s Sovereignty

Detective Krum

Detective Krum

This Blog is labeled Victory1Project because we want to help

obtain victory in life. Our links to tracking banks and lending

institutions will continue however, we are currently tracking

the states of the union in the State Sovereignty Bills presented

in local State legislative bodies.

If you look at the top right corner of this website, you’ll see State’s Sovereignty Act as a menu item. You will be able to track the states sovereignty movement here and add your comments from your local legislators here, too.

Has the federal government usurped authority over the states? Has the federal government violated our rights as the people?
They violate the 1st Amendment by opening mail, caging demonstrators and banning books like “America Deceived” from Amazon.
They violate the 2nd Amendment by confiscating guns during Katrina.
They violate the 4th Amendment by conducting warrant-less wiretaps.
They violate the 5th and 6th Amendment by suspending habeas corpus.
They violate the 8th Amendment by torturing.
They violate the entire Constitution by starting 2 illegal wars based on lies and on behalf of a foreign government.

Isn’t the federal government suppose to defend our borders? Why do we have such an illegal immigration issue?

What can you do? Contact your “STATE” representatives and tell them you support the State Sovereignty movement as the following states:

1. Arizona — See Here An It is interesting to note that Arizona explicitly speaks about continuity of government and the role of servicemen.

“…if the President or any other federal entity attempts to institute martial law or its equivalent without an official declaration in one or more of the states without the consent of that state … individual members of the military return to their respective states and report to the Governor until a new President is elected…”

2. South Carolina — See Here

3. Michigan — See Here

4. Montana — See Here

5. Washington State — See Here {Be sure to talk to Representative Matt Shea}

6. Oklahoma — See Here

7. Missouri – See Here {Be sure to speak with Representative Jim Guest. He eloquently spoke of their new seat belt law. The federal government wants to send Missouri $ 17 million if they will continue the mandatory seat belt law. Rep. Guest says there are 6 million people in Missouri which comes down to $ 3.00 per person for the seat belt law and Rep. Guest says his liberty and freedom is worth more than $ 3.00. } How much is your freedom and liberty worth?

8. New Hampshire — See Here

9. Georgia — See Here

10. California — See Here

11. Utah — See Here

12. Colorado — See Here

13. Kansas — See Here { This is a pdf file}

14. Ohio — See Here {This one is in a pdf file format}

15. Idaho — is working on Idaho HJM RS18517

16. Florida — See Here {Which was introduced in 1995 as HCR 31}

17. Alaska — See Here

18. Nevada — See Here

Other states currently working on Sovereignty Acts include:

19. Pennsylvania — See Here and Representative’s website Here A rally March 16, 2009 contact Representative Sam Rohrer at the Representative website link here.

20. Virginia

21. Hawaii – passed their’s See Here

22. Arkansas

23. Maine

24. Alabama – is almost done.

25. Texas — See Here

26. Tennessee — See Here

27. South Dakota — See Here .

Oklahoma’s Resolution is at the bottom, it is very good. Here is Thomas Jefferson’s Resolution to State Sovereignty:

The following resolutions were adopted by the Kentucky Legislature on November 10, 1798, as a protest against the Alien and Sedition Acts passed by Congress. They were authored by Thomas Jefferson, but he did not make public the fact until years later.


The Kentucky Resolutions of 1798

1. Resolved, That the several States composing, the United States of America, are not united on the principle of unlimited submission to their general government; but that, by a compact under the style and title of a Constitution for the United States, and of amendments thereto, they constituted a general government for special purposes — delegated to that government certain definite powers, reserving, each State to itself, the residuary mass of right to their own self-government; and that whensoever the general government assumes undelegated powers, its acts are unauthoritative, void, and of no force: that to this compact each State acceded as a State, and is an integral part, its co-States forming, as to itself, the other party: that the government created by this compact was not made the exclusive or final judge of the extent of the powers delegated to itself; since that would have made its discretion, and not the Constitution, the measure of its powers; but that, as in all other cases of compact among powers having no common judge, each party has an equal right to judge for itself, as well of infractions as of the mode and measure of redress.

2. Resolved, That the Constitution of the United States, having delegated to Congress a power to punish treason, counterfeiting the securities and current coin of the United States, piracies, and felonies committed on the high seas, and offenses against the law of nations, and no other crimes, whatsoever; and it being true as a general principle, and one of the amendments to the Constitution having also declared, that “the powers not delegated to the United States by the Constitution, not prohibited by it to the States, are reserved to the States respectively, or to the people,” therefore the act of Congress, passed on the 14th day of July, 1798, and intituled “An Act in addition to the act intituled An Act for the punishment of certain crimes against the United States,” as also the act passed by them on the — day of June, 1798, intituled “An Act to punish frauds committed on the bank of the United States,” (and all their other acts which assume to create, define, or punish crimes, other than those so enumerated in the Constitution,) are altogether void, and of no force; and that the power to create, define, and punish such other crimes is reserved, and, of right, appertains solely and exclusively to the respective States, each within its own territory.

3. Resolved, That it is true as a general principle, and is also expressly declared by one of the amendments to the Constitutions, that “the powers not delegated to the United States by the Constitution, our prohibited by it to the States, are reserved to the States respectively, or to the people”; and that no power over the freedom of religion, freedom of speech, or freedom of the press being delegated to the United States by the Constitution, nor prohibited by it to the States, all lawful powers respecting the same did of right remain, and were reserved to the States or the people: that thus was manifested their determination to retain to themselves the right of judging how far the licentiousness of speech and of the press may be abridged without lessening their useful freedom, and how far those abuses which cannot be separated from their use should be tolerated, rather than the use be destroyed. And thus also they guarded against all abridgment by the United States of the freedom of religious opinions and exercises, and retained to themselves the right of protecting the same, as this State, by a law passed on the general demand of its citizens, had already protected them from all human restraint or interference. And that in addition to this general principle and express declaration, another and more special provision has been made by one of the amendments to the Constitution, which expressly declares, that “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof, or abridging the freedom of speech or of the press”: thereby guarding in the same sentence, and under the same words, the freedom of religion, of speech, and of the press: insomuch, that whatever violated either, throws down the sanctuary which covers the others, arid that libels, falsehood, and defamation, equally with heresy and false religion, are withheld from the cognizance of federal tribunals. That, therefore, the act of Congress of the United States, passed on the 14th day of July, 1798, intituled “An Act in addition to the act intituled An Act for the punishment of certain crimes against the United States,” which does abridge the freedom of the press, is not law, but is altogether void, and of no force.

4. Resolved, That alien friends are under the jurisdiction and protection of the laws of the State wherein they are: that no power over them has been delegated to the United States, nor prohibited to the individual States, distinct from their power over citizens. And it being true as a general principle, and one of the amendments to the Constitution having also declared, that “the powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people,” the act of the Congress of the United States, passed on the — day of July, 1798, intituled “An Act concerning aliens,” which assumes powers over alien friends, not delegated by the Constitution, is not law, but is altogether void, and of no force.

5. Resolved. That in addition to the general principle, as well as the express declaration, that powers not delegated are reserved, another and more special provision, inserted in the Constitution from abundant caution, has declared that “the migration or importation of such persons as any of the States now existing shall think proper to admit, shall not be prohibited by the Congress prior to the year 1808” that this commonwealth does admit the migration of alien friends, described as the subject of the said act concerning aliens: that a provision against prohibiting their migration, is a provision against all acts equivalent thereto, or it would be nugatory: that to remove them when migrated, is equivalent to a prohibition of their migration, and is, therefore, contrary to the said provision of the Constitution, and void.

6. Resolved, That the imprisonment of a person under the protection of the laws of this commonwealth, on his failure to obey the simple order of the President to depart out of the United States, as is undertaken by said act intituled “An Act concerning aliens” is contrary to the Constitution, one amendment to which has provided that “no person shalt be deprived of liberty without due progress of law”; and that another having provided that “in all criminal prosecutions the accused shall enjoy the right to public trial by an impartial jury, to be informed of the nature and cause of the accusation, to be confronted with the witnesses against him, to have compulsory process for obtaining witnesses in his favor, and to have the assistance of counsel for his defense;” the same act, undertaking to authorize the President to remove a person out of the United States, who is under the protection of the law, on his own suspicion, without accusation, without jury, without public trial, without confrontation of the witnesses against him, without heating witnesses in his favor, without defense, without counsel, is contrary to the provision also of the Constitution, is therefore not law, but utterly void, and of no force: that transferring the power of judging any person, who is under the protection of the laws from the courts, to the President of the United States, as is undertaken by the same act concerning aliens, is against the article of the Constitution which provides that “the judicial power of the United States shall be vested in courts, the judges of which shall hold their offices during good behavior”; and that the said act is void for that reason also. And it is further to be noted, that this transfer of judiciary power is to that magistrate of the general government who already possesses all the Executive, and a negative on all Legislative powers.

7. Resolved, That the construction applied by the General Government (as is evidenced by sundry of their proceedings) to those parts of the Constitution of the United States which delegate to Congress a power “to lay and collect taxes, duties, imports, and excises, to pay the debts, and provide for the common defense and general welfare of the United States,” and “to make all laws which shall be necessary and proper for carrying into execution, the powers vested by the Constitution in the government of the United States, or in any department or officer thereof,” goes to the destruction of all limits prescribed to their powers by the Constitution: that words meant by the instrument to be subsidiary only to the execution of limited powers, ought not to be so construed as themselves to give unlimited powers, nor a part to be so taken as to destroy the whole residue of that instrument: that the proceedings of the General Government under color of these articles, will be a fit and necessary subject of revisal and correction, at a time of greater tranquillity, while those specified in the preceding resolutions call for immediate redress.

8th. Resolved, That a committee of conference and correspondence be appointed, who shall have in charge to communicate the preceding resolutions to the Legislatures of the several States: to assure them that this commonwealth continues in the same esteem of their friendship and union which it has manifested from that moment at which a common danger first suggested a common union: that it considers union, for specified national purposes, and particularly to those specified in their late federal compact, to be friendly, to the peace, happiness and prosperity of all the States: that faithful to that compact, according to the plain intent and meaning in which it was understood and acceded to by the several parties, it is sincerely anxious for its preservation: that it does also believe, that to take from the States all the powers of self-government and transfer them to a general and consolidated government, without regard to the special delegations and reservations solemnly agreed to in that compact, is not for the peace, happiness or prosperity of these States; and that therefore this commonwealth is determined, as it doubts not its co-States are, to submit to undelegated, and consequently unlimited powers in no man, or body of men on earth: that in cases of an abuse of the delegated powers, the members of the general government, being chosen by the people, a change by the people would be the constitutional remedy; but, where powers are assumed which have not been delegated, a nullification of the act is the rightful remedy: that every State has a natural right in cases not within the compact, (casus non fœderis) to nullify of their own authority all assumptions of power by others within their limits: that without this right, they would be under the dominion, absolute and unlimited, of whosoever might exercise this right of judgment for them: that nevertheless, this commonwealth, from motives of regard and respect for its co States, has wished to communicate with them on the subject: that with them alone it is proper to communicate, they alone being parties to the compact, and solely authorized to judge in the last resort of the powers exercised under it, Congress being not a party, but merely the creature of the compact, and subject as to its assumptions of power to the final judgment of those by whom, and for whose use itself and its powers were all created and modified: that if the acts before specified should stand, these conclusions would flow from them; that the general government may place any act they think proper on the list of crimes and punish it themselves whether enumerated or not enumerated by the constitution as cognizable by them: that they may transfer its cognizance to the President, or any other person, who may himself be the accuser, counsel, judge and jury, whose suspicions may be the evidence, his order the sentence, his officer the executioner, and his breast the sole record of the transaction: that a very numerous and valuable description of the inhabitants of these States being, by this precedent, reduced, as outlaws, to the absolute dominion of one man, and the barrier of the Constitution thus swept away from us all, no ramparts now remains against the passions and the powers of a majority in Congress to protect from a like exportation, or other more grievous punishment, the minority of the same body, the legislatures, judges, governors and counsellors of the States, nor their other peaceable inhabitants, who may venture to reclaim the constitutional rights and liberties of the States and people, or who for other causes, good or bad, may be obnoxious to the views, or marked by the suspicions of the President, or be thought dangerous to his or their election, or other interests, public or personal; that the friendless alien has indeed been selected as the safest subject of a first experiment; but the citizen will soon follow, or rather, has already followed, for already has a sedition act marked him as its prey: that these and successive acts of the same character, unless arrested at the threshold, necessarily drive these States into revolution and blood and will furnish new calumnies against republican government, and new pretexts for those who wish it to be believed that man cannot be governed but by a rod of iron: that it would be a dangerous delusion were a confidence in the men of our choice to silence our fears for the safety of our rights: that confidence is everywhere the parent of despotism — free government is founded in jealousy, and not in confidence; it is jealousy and not confidence which prescribes limited constitutions, to bind down those whom we are obliged to trust with power: that our Constitution has accordingly fixed the limits to which, and no further, our confidence may go; and let the honest advocate of confidence read the Alien and Sedition acts, and say if the Constitution has not been wise in fixing limits to the government it created, and whether we should be wise in destroying those limits, Let him say what the government is, if it be not a tyranny, which the men of our choice have con erred on our President, and the President of our choice has assented to, and accepted over the friendly stranger to whom the mild spirit of our country and its law have pledged hospitality and protection: that the men of our choice have more respected the bare suspicion of the President, than the solid right of innocence, the claims of justification, the sacred force of truth, and the forms and substance of law and justice. In questions of powers, then, let no more be heard of confidence in man, but bind him down from mischief by the chains of the Constitution. That this commonwealth does therefore call on its co-States for an expression of their sentiments on the acts concerning aliens and for the punishment of certain crimes herein before specified, plainly declaring whether these acts are or are not authorized by the federal compact. And it doubts not that their sense will be so announced as to prove their attachment unaltered to limited government, weather general or particular. And that the rights and liberties of their co-States will be exposed to no dangers by remaining embarked in a common bottom with their own. That they will concur with this commonwealth in considering the said acts as so palpably against the Constitution as to amount to an undisguised declaration that that compact is not meant to be the measure of the powers of the General Government, but that it will proceed in the exercise over these States, of all powers whatsoever: that they will view this as seizing the rights of the States, and consolidating them in the hands of the General Government, with a power assumed to bind the States (not merely as the cases made federal, casus fœderis but), in all cases whatsoever, by laws made, not with their consent, but by others against their consent: that this would be to surrender the form of government we have chosen, and live under one deriving its powers from its own will, and not from our authority; and that the co-States, recurring to their natural right in cases not made federal, will concur in declaring these acts void, and of no force, and will each take measures of its own for providing that neither these acts, nor any others of the General Government not plainly and intentionally authorized by the Constitution, shalt be exercised within their respective territories.

9th. Resolved, That the said committee be authorized to communicate by writing or personal conference, at any times or places whatever, with any person or persons who may be appointed by any one or more co-States to correspond or confer with them; and that they lay their proceedings before the next session of Assembly.


Also see the Virginia Resolution of 1798, authored by James Madison, for the same purpose, and a followup Kentucky Resolution of 1799 adopted by the Kentucky Legislature a year later.

A Sample of Oklahoma’s (one of the best seen) is below:

HOUSE OF REPRESENTATIVES 1ST SESSION OF THE 45TH LEGISLATURE (1995)

REVENUE AND TAXATION COMMITTEE

STAFF REPORT

Representative Howard Cotner, Chairman Representative Ron Langmacher, Vice
Chairman

Committee Substitute for House Bill 1874

SUBJECT: State Sovereignty Act
AUTHOR: Representative Key

PROVISIONS:

1. Creates the State Sovereignty Act.

2. Declares legislative intent that the U.S. Congress does not have
the right under the federal Constitution to withhold from the States the
benefits of federal taxes through unconstitutional mandates. States that the
State of Oklahoma reasserts its claim of sovereignty.

3. Defines terms used in this act. Creates the “Federal Tax Fund” in
the state treasury which shall be an escrow account. Specifies that any
interest carried on the deposit of monies in the Fund along with any civil
penalties associated with this act shall remain in the fund and shall not
revert to the General Revenue Fund of the state at the end of any fiscal year.
Provides that such interest shall be used to pay any necessary administrative
costs incurred pursuant to this act and any excess interest and penalties
shall be transferred to the State Transportation Fund.

4. Requires any person liable for any federal excise, income or liquor
alcohol tax to remit the Lax to the Oklahoma Tax Commission for deposit Into
the Fund.

5. Requires the State Treasurer to transfer at the end of each month
the monies held in the fund less any interest earned to the Internal Revenue
Service in payment of the tax obligation of those persons who remitted the tax
to the Oklahoma Tax Commission.

6. Provides that if the federal government imposes any sanctions on
the state for failing to enact legislation required by federal law which the
0klahoma Legislature deems to be unconstitutional. the State Treasurer shall
not transfer any taxes held in the Federal Tax Fund. Provides procedures for
the transferring of the monies if the sanctions are lifted within 90 days.
Provides that if the sanctions are not lifted within 90 days, the state shall
impose a surcharge on the monies in the fund to be used for payment to
continue highway project funding.

7. Specifies that any person who fails to comply with this Act shall
be subject to a civil penalty in an amount equal to 150% of the tax owed for
each day the person fails to comply.

8. Provides that this act shall apply to federal taxes to be collected
after June 30, 1995.

EFFECTIVE DATE July 1. 1993 Emergency Clause

– – – – – – – – – – – – – – – – – – – –

STATE OF OKLAHOMA

1st Session of the 45th Legislature (1995)

COMMITTEE SUBSTITUTE FOR HOUSE BILL NO. 1874 By: Key

COMMITTEE SUBSTITUTE

An Act relating to revenue and taxation; creating the State Sovereignty Act;
Providing short title; providing definitions; declaring legislative intent;
creating the Federal Tax Fund; providing for interest earned on certain
monies; providing for remittance of certain taxes by certain persons;
providing for transmission of certain monies to State Treasurer; providing
certain duties of State Treasurer regarding transferring of withholding
certain funds; providing for certain surcharge; providing for civil penalties;
providing for deposit of Certain Penalties; providing for act to apply to
certain taxes collected after certain date; providing for codification;
providing an effective date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE 0F THE STATE OF 0KLAH0MA:

SECTION 1. NEW LAW A new section of law to be codified in the Oklahoma
Statutes as Section 50200 of Title 68, unless there is created a duplication
in numbering, reads as follows:

This act shall be known and may be cited as the “State Sovereignty Act”.

SECTION 2, NEW LAW A new section of law to be codified in the Oklahoma
Statutes as Section 50201 of Title 68, unless there is created a duplication
in numbering, reads as follows:

A. The Oklahoma Legislature finds that the Tenth Amendment of the United
States Constitution defines the total scope of federal power as being that
Specifically granted by the federal constitution and no more. The Legislature
recognizes that the United States Congress has the right to lay and collect
taxes under the federal constitution. The Legislature finds, however, that the
Congress does not have the right under the federal constitution to withhold
from the States the benefits of those taxes through unconstitutional mandates.

B. The legislature further finds that the most unconstitutional mandates
prohibit Oklahoma from implementing programs of excellence that would exceed
federal expectations. Oklahoma has significant technical expertise in resource
management in the areas of air, earth and water, but the persistent threat of
sanctions renders that expertise ineffective.

C. In light of the continuing unconstitutional withholding of the benefits of
the taxes, the State of Oklahoma hereby reasserts its claim of Sovereignty.

SECTION 3. NEW LAW A new section of law to be codified in the Oklahoma
Statutes as Section 50202 of Title 68, unless there is created a duplication
in numbering, reads as follows:

A. As used in this act:

1. “Person” means natural persons, corporations, Partnerships, limited
liability companies, associations and other legal entities;

2. “Excise tax” means any tax that forms a component of the highway
users tax fund;

3. “Income tax” means any tax imposed by the federal government on any
income earned by a taxpayer; and

4. “Liquor or alcohol tax”, means any tax imposed by the federal
government on any beer, liquor, wine or similar alcoholic beverage.

5. There shall be created in the State Treasury the “Federal Tax
Fund”, which shall be an escrow account. Any interest earned on the deposit of
monies in the fund along with. any civil penalties assessed pursuant to
subsection F of this section shall remain in the fund and shall not revert to
the General Revenue Fund of the state at the end of any fiscal year. The
interest earned on the deposit of monies and any civil penalties shall be used
to pay any necessary administrative costs incurred pursuant to this act and
any excess interest and penalties shall be transferred to the State
Transportation Fund.

C. Any person liable for any federal excise, income or liquor or alcohol tax
shall remit the tax when due along with the federal taxpayer number of such
person to the Oklahoma Tax Commission for deposit into the fund.

D. All monies collected pursuant to Subsection C of this section shall be
transmitted to the State Treasurer who, as a fiduciary agent, shall credit the
same to the Federal Tax Fund 0n behalf of the person that remitted the tax.

E. 1. Except as provided in Paragraph 2 of this subsection, the State
Treasurer shall transfer at the end of each month the monies held in the
Federal Tax Fund less any interest earned on the deposit to the Internal
Revenue Service in Payment of the tax obligation of those persons who
remitted the tax to the Oklahoma Tax Commission. As part of the transfer, the
State Treasurer shall identify the federal taxpayer number and amount received
from each person who remitted any tax to the 0klahoma Tax Commission.

2. If the federal government imposes any sanctions on the State of
Oklahoma for failing to enact legislation required by federal law, which the
Legislature deems to be unconstitutional, by withholding or reprogramming any
federal-aid monies from, among other things, highway construction to highway
safety or other programs, the State Treasurer shall not transfer any taxes
held in the Federal Tax fund but shall retain the monies in the fund until
such time as the sanctions are lifted. If the lifting of the sanctions occurs
within ninety (90) days, the State Treasurer shall transfer the amounts held
in the fund to the Internal Revenue Service within ten (10) days of the
lifting of the sanctions. If the sanctions are not lifted within ninety (90)
days, the state shall impose a surcharge on the monies in the fund to be used
for payment to continue highway project funding,

F. Any person who fails to comply with this section shall be subject to a
civil penalty in an amount equal to one hundred fifty percent (150%) of the
tax owed for each day the person fails to comply with this section. Any civil
penalties assessed under this section shall be deposited into the Federal Tax
Fund established in this section,

G. The act shall apply to federal taxes to be collected after June 30, 1995.

SECTION 4. This act shall become effective July 1, 1995.

SECTION 5. It being immediately necessary for the preservation of the public
peace, health and safety, an emergency is hereby declared to exist by reason
whereof this act shall take effect and be in full force from and after its
passage and approval.

45-1-6461 Jar 1/31/95


__________________________________________________

Here is some commentary on the ACT by the CDR, (Council on Domestic Relations)

FORCING THE FEDERAL GOVERNMENT TO COMPLY WITH THE CONSTITUTION

As you have now read, the 10th Amendment / State Sovereignty Resolution
reasserts the state’s sovereign position and demands that the federal
government comply with the terms of the Constitution. What if the Federal
Government chooses to ignore the demands of the Sovereign States?

As an example of what comes next, consider this: Fieldmarshall Rommel
lost the African Campaign not because he was out gunned or out manned – he
ran out of gas. His mighty Panzer Division came to a halt for lack of fuel.
The fuel line that runs to Washington is the steady stream of our tax dollars.

Now consider this: If you rent a house or apartment and your landlord
doesn’t comply with his end of the lease by fixing the plumbing or the
furnace you can lawfully pay your rent to an escrow account and, therefore,
force him to hold up his end of the contract.

Since the federal government has not complied with the terms of its
contract (the Constitution) with us, then perhaps we can, with the assistance
and under the direction of our states’ legislatures, have any number of our
taxes paid into a state administered escrow account. These types of taxes
could be any combination of Federal Excise taxes, Income taxes, Social
Security Taxes, etc., etc.

Simply stated, “Until you comply with your contract with the American
People, the escrowed tax dollars will be held by the various states.” Federal
courts will not have jurisdiction in these matters as they are agents of the
defaulting party – the Federal Government.

The following bill passed the Oklahoma House “Revenue and Taxation
Committee” unanimously on Tuesday, February 7th, 1995. Since then, it
unanimously passed the House and was expected to pass the Senate with little
problems. However, the act was not called for vote in the Senate before the
session ended (3/30/95) so it is dead and will have to be reintroduced. The
bill’s sponsor is Representative Charles Key, House of Representatives, State
of Oklahoma, Room 508, Oklahoma City, Oklahoma 73105.

Council on Domestic Relations

February 19, 2009 Posted by | 1, State's Sovereignty Movement | , | 8 Comments

Ocala National Bank Closes & Riverside of Florida

Detective Krum

Detective Krum

Another one bites the dust.

Riverside Bank in Florida closes on President’s Day when                                                the bank was closed to customers.  Hmmm

SunTrust Bank is now subsidized by taxpayers when SunTrust took part in the bank bailouts.  Now, SunTrust advertises how ‘strong & sound’ they are but they don’t tell you it is because they received bailout money. Their bank rating is still  C- even after their share of taxpayer subsidies.

As for Riverside, below is a copy in full of the FDIC press release:

IB Bank, Naples, Florida, Assumes All of the Deposits of Riverside Bank of the Gulf Coast, Cape Coral, Florida

FOR IMMEDIATE RELEASE
February 13, 2009
Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
E-mail: dbarr@fdic.gov

Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank.

Due to the observance of Presidents’ Day on Monday, Riverside’s nine offices will reopen on Tuesday as branches of TIB Bank. Depositors of Riverside Bank will automatically become depositors of TIB Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until TIB Bank can fully integrate the deposit records of Riverside Bank.

Over the weekend, depositors of Riverside Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3 percent.

TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-823-5028. This phone number will be operational this evening until 9:00 p.m., EST; on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

Customers who would like more information about today’s transaction can also visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/riverside.html.

In addition to assuming all of the deposits of Riverside Bank, TIB Bank agreed to purchase approximately $125 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $201.5 million. TIB Bank’s acquisition of all of the deposits was the “least costly” resolution for the FDIC’s Deposit Insurance Fund compared to alternatives. Riverside Bank is the eleventh bank to fail in the nation this year. The last bank to fail in Florida was Ocala National Bank on January 30, 2009.

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

# # #

February 17, 2009 Posted by | 1 | , , | 1 Comment