Freedom Bank

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.on a
Freedom had been operating under a cease and desist order from the FDIC since September and had sought to raise capital.
“The availability of potential capital and other forms of assistance through federal government programs has broadened our options as it relates to our capital raising effort,”
But the Feds grew impatient and closed the bank today, handing the bank’s deposits over to Fifth Third.