Bank Failure Friday* Claims 17th Victim

Friday is always a fun day to check out the FDIC Website. That’s when they release such uplifting news, so much so that it should be called Bank Failure Friday.*

Marketwatch: Bradenton, Fla.-based Freedom Bank was closed Friday, marking the 17th bank failure so far this year amid the ongoing credit crisis.

We guess that Freedom really IS just another word for nothing left to lose.
The Federal Deposit Insurance Corporation said in a statement that as of Oct. 17, Freedom Bank had $287 million in total assets and $254 million in total deposits.
Freedom Bank’s four branches will open Monday as branches of Fifth Third Bank , which has assumed Freedom Bank’s deposits, according to the regulator.
Fifth Third agreed to assume Freedom Bank’s deposits for a premium of 1.16%, and will purchase roughly $36 million of its assets. The FDIC also said it will retain the remaining assets.
The FDIC estimates the cost of the failure to its deposit-insurance fund will be between $80 million and $104 million.
Here is the FDIC’s failed bank list.

And, here is their info on Freedom Bank.

*Ok, ok one failure was announced on a Thursday but we’re stil calling it “Bank Failure Friday”..

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.