lafayette
11-01-2008, 01:49 AM
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsDZPntxr10&refer=home
Freedom Bank of Bradenton, Florida, was closed by regulators today, the 17th U.S. bank seized this year as the deepest housing slump since the Great Depression triggers record foreclosures and mounting losses.
Freedom, with $287 million in assets and $254 million in deposits, was shut by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corp. was named receiver. Fifth Third Bancorp of Cincinnati will assume the deposits and buy $36 million of assets, the FIDC said. Freedom's four offices will open Nov. 3 as Fifth Third branches, the agency said.
Freedom Bank of Bradenton, Florida, was closed by regulators today, the 17th U.S. bank seized this year as the deepest housing slump since the Great Depression triggers record foreclosures and mounting losses.
Freedom, with $287 million in assets and $254 million in deposits, was shut by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corp. was named receiver. Fifth Third Bancorp of Cincinnati will assume the deposits and buy $36 million of assets, the FIDC said. Freedom's four offices will open Nov. 3 as Fifth Third branches, the agency said.