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Colonial Bank fails, bought by BB&T

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posted on Aug, 14 2009 @ 06:51 PM
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Colonial Bank fails, bought by BB&T


money.cnn.com

NEW YORK (CNNMoney.com) -- Troubled Colonial BancGroup will be bought by rival BB&T Friday, the government said after state regulators closed the bank whose assets had been frozen by a federal judge.

The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas, is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.

With $25 billion in assets and $20 billion in deposits, Colonial is 100 times larger than the typical bank to have failed this year.
(visit the link for the full news article)


Related News Links:
bloomberg.com




posted on Aug, 14 2009 @ 06:51 PM
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This is the 6th largest bank failure in US history. Most troubling about this failure is that Colonial is the largest intermediary lender in the country and supports more home builders and developers than any other bank.

Despite what you may be hearing in the news, there are potentially another 150 banks on the brink of failure

money.cnn.com
(visit the link for the full news article)

[edit on 14-8-2009 by dolphinfan]



posted on Aug, 14 2009 @ 08:08 PM
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The feds were here in Orlando about 3 weeks ago raiding the regional offices in downtown. They didn't say why but they shut it down and carried out a bunch of stuff. It was the enforcement branch of TARP that raided it. I will see if I can find the article.
Edit: Found the article
Colonial raided by feds in Orlando
Still haven't said why.

[edit on 14-8-2009 by djvexd]



posted on Aug, 14 2009 @ 08:37 PM
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reply to post by dolphinfan
 


I wonder what the effect of this is. Like the CNN article says, there isn't barely a Friday where they haven't shuttered a bank.

Something is definitely out of the ordinary with all the bank failues. I wonder when it all hits the fan?




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