The Real Deal Miami

Freedom Bank shuttered by feds

November 03, 2008 10:15AM

Bank regulators on Friday closed Bradenton-based Freedom Bank, and the Federal Deposit Insurance Corp. was appointed receiver of the bank, which had $287 million in assets and $254 million in deposits as of October 17. The FDIC said the bank’s deposits will be assumed by Fifth Third Bank of Grand Rapids, Michigan. Its four branches will reopen on 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.