Bank Failure
Freedom Bank
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Closed October 31, 2008 · Bradenton, FL · FDIC Cert #57930.
- Closing date
- October 31, 2008
- Headquarters
- Bradenton, FL
- FDIC Certificate
- 57930
- Total assets at closing
- $270.8M
- Total deposits at closing
- $256.8M
- Estimated loss to the insurance fund
- $113.5M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fifth Third Bank
Context
On October 31, 2008, regulators closed Freedom Bank, headquartered in Bradenton, FL. At closing, the institution held approximately $270.8M in assets and $256.8M in deposits. The FDIC record names Fifth Third Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $113.5M.
By assets at closing this is the 599th largest of the 3,526 bank failures in the FDIC record, and the 15th of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Freedom Bank fail?
Freedom Bank was closed by regulators on October 31, 2008.
Who acquired Freedom Bank?
The FDIC record names Fifth Third Bank as the acquiring institution in the resolution of Freedom Bank.
How big was Freedom Bank when it failed?
Freedom Bank had approximately $270.8M in total assets and $256.8M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
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