Freedom Bank of Bradeton, Florida, in the US, on Friday became the 17th US bank to be seized by regulators in 2008, as the heaviest housing slump since the days of the `Great Depression’ of the 1930s, has triggered heavy losses.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, which had $287 million in assets and $254 million in deposits.

The FDIC said the bank's deposits will be assumed by Fifth Third Bank. Its four branches will reopen Monday as offices of Fifth Third Bank.

In addition to assuming Freedom Bank's deposits, Fifth Third also will acquire about $36 million of the failed bank's assets. The FDIC will retain the rest for eventual sale. //11.01.08