Alabama Based Colonial Bank Fails, BB&T Takes Over Branches http://www.digtriad.com/news/local_state/article.aspx?storyid=128864 Montgomery, Alabama -- Regulators have shut down Colonial BancGroup Inc., a big lender in real estate development that buckled under the collapse of the market. It was the biggest U.S. bank to fail this year, with about $25 billion in assets. The Federal Deposit Insurance Corp. was appointed receiver of Montgomery, Ala.-based Colonial. The agency approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to Winston-Salem based BB&T Corp. The failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of BB&T, the FDIC said. The failure of Colonial is expected to cost the deposit insurance fund an estimated $2.8 billion. The takeover makes BB&T the 9th largest US bank by assets.
Saturday, 15 August 2009
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