Saturday, August 15, 2009
MARCY GORDON, The Associated Press
MARCY GORDON, The Associated Press
Colonial BancGroup shut down by federal officials
WASHINGTON -- Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year.
The Federal Deposit Insurance Corp., which was appointed receiver of the Montgomery, Ala.-based Colonial and its about $25 billion in assets, said 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 Winston-Salem, N.C.-based BB&T.
The FDIC has approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp.
Posted by Editor on 08/15/09 at 08:00 AM •
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