Regulators Close Florida Bank

State regulators closed Freedom Bank of Bradenton, Fla. on Halloween, in what was the 17th U.S. bank or thrift failure of 2008. It was also the second closing of a Bradenton-based bank in 2008, following the Aug. 1 shuttering of First Priority Bank.

The Federal Deposit Insurance Corporation (FDIC) was named receiver for Freedom Bank.

The good news for Freedom depositors was that Fifth Third Bank of Grand Rapids, Michigan (held by Fifth Third Bancorp (FITB Quote)) acquired all of the failed institution's deposits, including balances exceeding FDIC insurance limits. All four of Freedom's branches were scheduled to reopen as Fifth Third branches on Monday. ...