8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

February 13, 2009

Date of Report (Date of earliest event reported)

TIB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Florida	0000-21329	65-0655973
(State or other jurisdiction of incorporation)	(Commission file number)	(IRS employer identification number)
599 9th Street North, Suite 101 Naples, Florida		34102-5624
(Address of principal executive offices)		(Zip Code)
	(239) 263-3344
(Registrant's telephone number, including area code)
	Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

£Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01. Completion of Acquisition of Assets.

On February 13, 2009 TIB Financial Corp, (the “Company”), through its lead bank, TIB Bank, headquartered in Naples, Florida, purchased the deposits of Riverside Bank of the Gulf Coast (“Riverside”), from the Federal Deposit Insurance Corporation (“FDIC”) for approximately $4 million, a premium of 1.3%. Total deposits purchased approximated $317 million. The Company did not purchase any brokered deposits. Riverside, which was closed by the FDIC on Friday, February 13, 2009, operated nine branch locations of which one was leased and eight were owned. Pursuant to the transaction, the Company has the option to purchase the eight owned locations, plus all furniture and equipment at fair market value, to be determined by appraisal. TIB Bank also has the option to assume the lease on the leased property. Riverside’s branches opened as branches of TIB Bank on Tuesday morning, February 17, 2009. The Company purchased cash and investment securities totaling approximately $125 million. The Company has an exclusive thirty day option to purchase certain loans from the FDIC. The Company’s press release announcing the transaction is attached as exhibit 99.1 to this Form 8-k.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a) Exhibits

99.1 Press release dated February 17, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TIB FINANCIAL CORP.
Date:  February 18, 2009	By:	/s/  Stephen J. Gilhooly
		Stephen J. Gilhooly
		EVP, Chief Financial Officer and Treasurer

EX-99.1

FOR IMMEDIATE RELEASE

TIB Bank Assumes Deposits

of Riverside Bank of the Gulf Coast from FDIC

Naples, FL (02/17/09) --- TIB Financial Corp. (NASDAQ: TIBB), announced today that its lead bank, TIB Bank, assumed as of the close of business on February 13, 2009, all the deposits (excluding brokered deposits) of Riverside Bank of the Gulf Coast from the Federal Deposit Insurance Corporation.   The final accounting resulted in the assumption of approximately $317 million of deposits.

Riverside Bank’s nine offices reopened today, Tuesday, February 17, 2009 as branches of TIB Bank.  Deposits will continue to be insured by the FDIC up to the limits of the law.

 “Our ability to assume their deposits should be looked upon as a very positive event,” said Thomas J Longe, Chairman and CEO of TIB Financial Corp. “Through this transaction we have added an attractive mix of deposits with approximately 55% in NOW, checking and money market accounts.  This mix of lower cost deposits will help us fund our loan growth in all of the markets we serve.  In addition, our 35-year track record as a well capitalized, safe and sound community banking company has only gotten stronger through this transaction,” Longe reported.

“The assumption of the deposits of Riverside Bank increases our market presence in Ft. Myers and Venice, while giving us the opportunity to expand into the contiguous market of Cape Coral.  This transaction also provides us with additional funding for loan growth, the potential for new customer relationships and will improve and increase our brand awareness throughout all of the markets we serve.”

 “As we welcome Riverside Bank customers into the TIB organization, we trust they will find the transition to be a satisfactory experience.  We have always been committed to the financial health of our communities and this is a critical opportunity to protect the deposits of local individuals and businesses,” stated Michael D. Carrigan, CEO and President of TIB Bank.

About TIB Financial Corp.

Headquartered in Naples, Florida, TIB Financial Corp. is a growth-oriented financial services company with approximately $1.9 billion in total assets, including the assumed deposits, and 28 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Cape Coral, Nokomis and Venice.

TIB Financial Corp., through its wholly owned subsidiaries, TIB Bank, The Bank of Venice and Naples Capital Advisors, Inc., serves the personal and commercial banking, investment management and trust needs of local residents and businesses in its market areas. The companies' experienced professionals are local community leaders, who focus on a relationship-based approach built around anticipating specific customer needs, providing sound advice and making timely decisions. To learn more about TIB Bank, The Bank of Venice and Naples Capital Advisors, Inc., visit www.tibbank.com, www.bankofvenice.com and www.naplescapitaladvisors.com. For more information, contact Thomas J. Longe, Chairman and Chief Executive Officer at 239-263-3344 or Stephen J. Gilhooly, Executive Vice President and Chief Financial Officer at 239-659-5876.