Former Freedom Bank Branches Now Open for Business as Fifth Third Bank
Fifth Third Bancorp (Nasdaq: FITB) today opened the four former Freedom Bank branches in Bradenton, Florida as Fifth Third Bank financial centers.
At the close of business on Friday, October 31, banking regulators declared Freedom Bank insolvent and the Federal Deposit Insurance Corporation (FDIC) was named receiver. Fifth Third Bank in turn assumed approximately $250 million in Freedom Bank deposits from the FDIC.
"We're pleased to be able to provide former Freedom Bank customers with the strength, stability and convenience that Fifth Third Bank provides," said David Call, president and CEO of Fifth Third Bank (South Florida).
Freedom Bank customers are able to conduct business as usual in their normal branch locations. After a transition period, former Freedom Bank customers will gain access to Fifth Third's 16 existing locations in the Bradenton-Sarasota market as well as to Fifth Third's nearly 1,300 banking centers in 12 states, and more than 2,300 ATMs.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 18 affiliates with 1,298 full-service Banking Centers, including 93 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,329 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2008, has $196 billion in assets under care, of which it managed $ 30 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.”