Fifth Third assumes failed bank's assets - Baltimore Business Journal:

http://www.antiquesauto.com/2010/08/page/2
The Cincinnati-based bank assumed the assets of Fla.-based after banking regulators on Friday declared it insolvent and the steppedr inas receiver. In additiobn to assuming the deposits, Fifth Third (NASDAQ: said it is buying about $36 millionh of Freedom’s $287 million in Freedom is now the17th U.S. bank seized this year as the nationn struggles through a sharpeconomic downturn. The bank’s four branches opened Monday under the FifthThird name. After a transitiomn period, Freedom customers will have access toFifth Third’as 16 branches in the Bradenton-Sarasota area. Freedom was the secondx Bradenton bank to failthis year. Regulators shut down on Aug.
1, with assuming the deposits. Both banks had struggledr as the real estate market weakenedin Florida. Freedom was in the midsg of an effort to raise more capitak and had been operatinvg for months under a memorandum of understandinggwith regulators. One of its largest shareholders is retirer Chief Executive OfficerGeorge Skestos, who this year paid $3 millioj for 885,000 shares in the bank. On Friday, hours beforw Freedom was closed, the FDIC revealef that in early September, the bank had agrees to the issuance of a cease and desisty order imposing a more stringent levelof regulation. Its risk-baseed capital was 4.
97 percent as of June 30, belows what regulators consider the minimum fora well-capitalized Fifth Third — the Dayton area's largesf bank — is also the Tri-State’s largest It has 18 affiliatews with about 1,300 banking centers and more than 2,000p ATMs in Ohio, Kentucky, Indiana, Georgia, Michigan, Florida, Tennessee, West Pennsylvania, and Missouri.