Struggling Alabama-based lender Colonial BancGroup Inc. is the biggest bank failure this 2009 and sixth largest in U.S. history, according to Federal Deposit Insurance Corporation. The company had estimated assets of $25 billion at the end of June.
FDIC also announced that BB&T will acquire all of Colonial’s deposits, which totaled about $20 billion at the end of June. Depositors of Colonial will automatically become depositors of BB&T and customers can continue accessing their money by writing checks or using ATMs and debit cards, the regulator stressed.
RIP Colonial Bank.