Colonial BancGroup Among Five Failed Banks

Another week, another set a failed banks. However, this time there was a big fish in the net. Colonial BancGroup, which had assets of approximately $25 billion, was shut down by federal regulators on Friday — the biggest bank failure in the United States in 2009.
Colonial BancGroup was sold to BB&T, a bank based in North Carolina. All of Colonial BancGroup’s 346 branches will open as BB&T branches on Saturday. Colonial BancGroup had branches in a number of states including Texas, Nevada, Georgia and Florida.
Four other banks were shut down by federal regulators on Friday: Community Bank of Arizona, Community …read more