Small Florida bank is 17th bank failure in '08

[Eugene]

Source: Reuters

Small Florida bank is 17th bank failure in '08
Fri Oct 31, 2008 6:58pm EDT

WASHINGTON (Reuters) - U.S. bank regulators on
Friday closed Freedom Bank in Florida, the 17th
bank to fail this year as the weakening economy
and falling home prices take their toll on
financial institutions.

Customers of the banks' four branches can access
their insured deposits over the weekend by check,
teller machine, or debit card, the U.S. Federal
Deposit Insurance Corp said.

Fifth Third Bank will assume the Florida bank's
insured deposits, the FDIC said. Freedom Bank will
reopen on Monday as branches of Fifth Third Bank.

Freedom Bank had total assets of $287 million and
total deposits of $254 million as of October 17,
the regulator said.

-snip-

Read more: http://www.reuters.com/article/newsOne/idUSTRE49U7QL20081031