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BUSINESS BRIEFING / BANKING

Florida bank is closed down

November 01, 2008|Times Wire Services

Freedom Bank of Bradenton, Fla., was closed by regulators, 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. The FDIC said Fifth Third Bancorp of Cincinnati would assume all the deposits -- about $250 million -- and buy $36 million of the assets.

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