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FDIC Seized Colonial Bank Branches and Deposits Going to BB&T
Montgomery, Alabama-based Colonial has two branches in Palm Coast.
By Toby Tobin
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Palm Coast, FL – August 14, 2009 – In what may be the biggest bank failure of '09, BB&T, a Winston-Salem-based regional bank (Branch Banking and Trust) will reportedly purchase Colonial BancGroup's deposits and 355 branches under an agreement with the Federal Deposit Insurance Corp. Colonial has about $25 billion in assets and branches in Florida, Alabama, Georgia, Nevada, and Texas.
A Federal judge ordered a freeze of Colonial's assets noting that Colonial was "on the brink of collapse and is suspected of criminal accounting irregularities…." Earlier this month, Federal agents raided an Orlando branch of Colonial BancGroup as well as the headquarters of Taylor, Bean & Whitaker Mortgage Corp. Taylor Bean has suspended its mortgage lending operations and has been barred from making or servicing federally guaranteed loans by the Department of Housing and Urban Development, Freddie Mac and Ginnie Mae.Taylor Bean had planned a $300 million equity infusion into Colonial.
Colonial has two Palm Coast area branches; one on Boulder Rock Dr in the city; the other in the Hammock.
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