It's Friday.....that means another bank has bitten the dust!

[marmar]

Florida's Freedom Bank Closes, 17th U.S. Bank to Fail (Update1)

By Alison Vekshin and David Mildenberg

Oct. 31 (Bloomberg) -- Freedom Bank of Bradenton, Florida, was closed by regulators today, 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. Fifth Third Bancorp of Cincinnati will assume the deposits and buy $36 million of assets, the FIDC said. Freedom's four offices will open Nov. 3 as Fifth Third branches, the agency said.

Regulators have this year closed the most banks since 1993, and the collapses of Washington Mutual Inc. and IndyMac Bancorp Inc. were among the biggest in history. The housing slump and tight credit led to enactment of a $700 billion bank-rescue plan and the U.S. Treasury is using the fund to buy $250 billion in preferred shares in banks.

Fifth Third will pay a premium of 1.16 percent, or about $2.9 million, to assume the deposits, the FDIC said. The deposit insurance fund, supported by fees on insured banks, will pay an estimated $80 million to $104 million, the agency said.

State regulators in August closed First Priority Bank, also based in Bradenton, which is south of Tampa on Florida's Gulf Coast.

Fifth Third on Oct. 28 said it will sell $3.45 billion in preferred shares and warrants as part of the Treasury Department's plan to boost bank capital ratios and promote lending. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aJsDZPntxr10&refer=home

[Bozita]

1. Taken over by Fifth Third Bancorp, a name that hardly inspires confidence

[Elidor]

2. Every time I hear of Fifth Third Bank, I have to go

:wtf:

Were the first four thirds already taken? :silly:

[KamaAina]

7. They didn't want to call it "Third Fifth" during the runup to Prohibition!

I'm SERIES!111!!!11111!!1

http://en.wikipedia.org/wiki/Fifth_Third_Bank#Name

Fifth Third's unusual name is the result of the June 1, 1908 merger of two banks, The Fifth National Bank and The Third National Bank, to become The Fifth Third National Bank of Cincinnati. Because the merger took place during a period when prohibitionist ideas were gaining popularity, it was believed that "Fifth Third" was better than "Third Fifth," which could be construed as a reference to three "fifths" of alcohol. The name went through several changes over the years, until on March 24, 1969, the name was changed to Fifth Third Bank.

:beer: :beer: :beer:

[KamaAina]

6. Especially not when you consider that Fifth Third is lined up at the bailout trough for $3.4B

which they are apparently planning to use to snap up failed banks on the cheap. :eyes:

[Elidor]

8. Gee, I'm so glad I can enrich their private coffers with my tax dollars!

:sarcasm:

I'm generally against mob violence, but I could make an exception for executives with national banks.

[underpants]

3. Your money is now FREE to roam about the country

oh wait, that's Southwest

[lonestarnot]

4. In the pockets of richies.

[Elidor]

5. Oh my...that's a DUzy

I don't know whether to laugh or cry.