|
Updated: 6:48 PM Aug 14, 2009
Colonial BancGroup shut by regulators
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.
Posted: 5:45 PM Aug 14, 2009 |
|
0 Comments 
WASHINGTON (AP) - 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 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.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
 |
Get the ingredients you need to cook with Rach all week long. |
 | |
 |
Today's Hits, Classics & Soaps. Don't miss an episode. |
| |
 |
Full length exclusive concerts from hot artists. |
| |
 |
Fitness Tips Lose Weight, Get Fit with Michele |
| |
 |
Double Dollar Deals Double your money at these local businesses. |
| |
 |
Take a break! Classic Pacman, Frogger, Asteroids and more. |
| |
 |
FREE Listings Sell almost anything locally. |
| |
