The Alabama State Banking Department declared Colonial Bank insolvent, seized it, and appointed the FDIC to become the failed bank’s receiver. The FDIC sold Colonial Bank to BB. Colonial Bank, formerly a subsidiary of Colonial BancGroup, was headquartered in Montgomery, Alabama.
Who purchased Colonial Bank?
— BB Corporation
WINSTON-SALEM, N.C., Aug. 14 /PRNewswire-FirstCall/ — BB Corporation (NYSE: BBT) late this afternoon said it has acquired the banking operations of Colonial Bank of Montgomery, Ala. BB has acquired $22 billion in assets and assumed $20 billion in deposits in the transaction.
Who did Colonial Bank merge with?
BB
That’s exactly what happened in this deal. Colonial Bank was a massive Southern institution that had $25 billion in assets and nearly 350 branches littered across Alabama, Florida, Texas, and the areas surrounding Atlanta, Georgia, when BB acquired it.
When did Colonial Bank close?
August 14, 2009
Colonial Bank/Ceased operations
On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was closed by the Alabama State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
When did Colonial bank close?
When did Colonial Bank in Montgomery AL close?
On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was closed by the Alabama State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Who is the receiver of Colonial Bank Alabama?
The Alabama Banking Department took over Colonial Bank, a subsidiary of Colonial BancGroup , and appointed the Federal Deposit Insurance Corp. receiver.
Where can I get a colonial surety bond?
Get the word straight from our customers. If you need surety bond, Colonial Surety is the place to contact. I received th… WE ARE GENERAL CONTRACTORS AND REQUIRED…
Who is the holding company for Colonial Bank?
All shares of Colonial Bank were owned by its holding company, The Colonial BancGroup, Inc., Montgomery, AL. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Colonial Bank, please do not contact or file a claim with the Receiver.
