Freedom Bank
Who: Freedom Bank
What: 17th bank failure of 2008 (Oct. 31, 2008)
Where: Bradenton, Florida
Why: A failure to raise capital.
Fast Facts: Fifth Third Bank of Grand Rapids, MI assumed all deposits from Freedom Bank; as of Oct. 17, 2008, Freedom Bank had $287 million in total assets and $254 million in total deposits; Freedom Bank is the second bank in Bradenton, FL to be shut down in 2008 (First Priority Bank was shut down in August); since September, the bank had been operating on a cease and desist order.
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