Federal Regulators Shut Down Freedom Bank

[Dr.Phool]

Source: MSNBC Tampabay.com

By The Associated Press --
Tampa Bay Online
updated 27 minutes ago

WASHINGTON - Regulators on Friday shut down Freedom Bank, a small bank located in Bradenton. It was the 17th failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, which had $287 million in assets and $254 million in deposits as of Oct. 17.

The FDIC said the bank's deposits will be assumed by Fifth Third Bank of Grand Rapids, Mich. Its four branches will reopen Monday as offices of Fifth Third Bank.

The agency said depositors of Freedom Bank will continue to have full access to their deposits, which will still be insured by the FDIC.

In addition to assuming Freedom Bank's deposits, Fifth Third Bank also will acquire about $36 million of the failed bank's assets. The FDIC will retain the remaining $251 million or so for eventual sale.

Read more: http://www.msnbc.msn.com/id/27479619

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Vern Buchanan been in the vault?

[Goldom]

1. Guess they were right that the gov't wants to take away our freedom...

banks. ;)

[fascisthunter]

2. no longer free to screw the system

[Bozita]

3. The usual Friday night bank closing

Nothing to see here, folks. Keep moving now.

[mcollier]

4. Exactly

Attention Deficit Disorder. Get back to work... And keep quite...

[54anickel]

5. Freedom's just another word for nothin' left to lose...n/t

[DemReadingDU]

6. Is Fifth Third in Mich, related to Fifth Third in Ohio?

10/31/08 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.

more...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsDZPntxr10&refer=home

[lib2DaBone]

7. Just heard about this closing.. Another Friday Night News Dump

....if a bank failed on Friday and there was no one there to witness it....

[CoffeeCat]

8. When WaMu failed....

...it was widely reported that the FDIC used up HALF of its reserves to bail out that
huge behemoth.

I see that the FDIC continues to bail out these failed banks.

How long before the FDIC is tapped out?

Yes, the Treasury can start up the printing presses, but that will lead to serious
results for our economy--especially if banks fail in very high numbers.

All of the bank failures thus far, have been non-eventful, smooth transitions, with another
bank buying up the smaller bank. What happens when there is no buyer for a failed bank?

How long does it take for someone to recoup their losses, from the FDIC?

I think we all need to be asking questions about all of this.

[dixiegrrrrl]

9. How long does it take for someone to recoup their losses, from the FDIC?

I read it can take as long as 5 years, ( in a "normal" economy).
Seems FFDIC has a drill down list of who gets paid first.
You and I would be last on the list.