Fifth Third Bancorp (NASDAQ: FITB - option chain) shares are trading higher today after the company assumed $250 million of insured deposits from Freedom Bank, a failed bank in Florida. Investors seem to be taking this move as a sign of the bank's health, even though the total value of assets assumed only reached a small fraction of FITB's total deposits of more than $100B. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on FITB.

FITB opened this morning at $11.19. So far today the stock has hit a low of $10.92 and a high of $11.79. As of 12:30, FITB is trading at $11.40, up 55 cents(5.1%). The chart for FITB looks neutral and S&P gives FITB a 3 STARS (out of 5) hold ranking.

For a bullish hedged play on this stock, I would consider a November bull-put credit spread below the $7.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in just three weeks as long as FITB is above $7.50 at November expiration. Fifth Third would have to fall by more than 34% before we would start to lose money. Learn more about this type of trade here.

FITB hasn't been below $7.80 at all in the past year and has shown support around $10 recently.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in FITB.