Fifth Third Bancorp Completes Conversion of Freedom Bank Branches
Fifth Third Bancorp (Nasdaq: FITB) today announced that 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 1,300 branches and 2,350 ATMs across 12 states," said 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.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $120 billion in assets, operates 16 affiliates with 1,308 full-service Banking Centers, including 94 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,350 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 December 31, 2008, has $179 billion in assets under care, of which it managed $25 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(R) National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.