New York - Florida's Freedom Bank was the 17th US bank to be seized by regulators this year amid the widening credit crisis and worst housing slump since the Great Depression of the 1930s, reports said Saturday.
The state's Office of Financial Regulation on Friday closed the bank, which had 287 million dollars in assets and 254 million dollars in deposits, according to a statement from the Federal Deposit Insurance Corp (FDIC).
Freedom Bank was to be acquired by Fifth Third Bank of Grand Rapids, Michigan, which will buy 36 million dollars of assets. Fifth Third was to pay a premium of 1.16 per cent, about 2.9 million dollars, to assume the deposits, FDIC said.