Fifth Third Bank (South Florida) has completed the conversion of Bradenton-based Freedom Bank which bank regulators declared insolvent on October 31, 2008.
Last fall the FDIC, which was named receiver of Freedom Bank, approved the assumption of the bank’s $250 million in deposits by Fifth Third Bank. The FDIC retained substantially all of Freedom Bank’s loan portfolio.
“Former Freedom Bank customers now have full use of our more than 1,400 branches and 2,350 ATMs across 12 states,” says Kevin T. Kabat, president, chairman and CEO of Fifth Third Bancorp. “We are pleased that we were able assist the FDIC and offer a new home for all of Freedom’s depositors, and look forward to expanding these relationships going forward.”
Based on the FDIC’s most recent deposit market share survey, the transaction gives Fifth Third approximately $685 million in deposits in the Bradenton-Sarasota-Venice Metropolitan Statistical Area (MSA) and raises Fifth Third’s deposit market share in that market from 8th to 4th.
D.C.