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Colonial BancGroup becomes biggest bank failure of 2009

Posted By admin On August 15, 2009 @ 3:23 am In Money Watch | Comments Disabled

MarketWatch [1]
Saturday, August 15, 2009

Colonial BancGroup Inc. became the largest bank failure this year after the Federal Deposit Insurance Corporation seized the struggling Alabama-based lender Friday and sold it to BB&T Corp.

Late Friday, the FDIC announced four other banks had been closed: Community Bank of Las Vegas and its Arizona subsidiary, Community Bank of Arizona; Union Bank, Gilbert, Ariz; and Dwelling House Savings and Loan, Pittsburgh.

The Colonial BancGroup deal will knock roughly $2.8 billion off a pool of money, known as the Deposit Insurance Fund, which the FDIC maintains to guarantee bank customer deposits.

BB&T agreed to assume all of Colonial’s deposits, which totaled about $20 billion at the end of June, the FDIC said. 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.

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[1] MarketWatch: http://www.marketwatch.com/story/colonial-may-become-biggest-bank-failure-of-2009-2009-08-14

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Integrity Bank Becomes 10th U.S. Failure This Year: http://www.prisonplanet.com/integrity-bank-becomes-10th-us-failure-this-year.html

[4] Five more banks fail — 89 so far in 2009: http://www.prisonplanet.com/five-more-banks-fail-89-so-far-in-2009.html

[5] FDIC clocks 15 bank failures so far in 2010: http://www.prisonplanet.com/fdic-clocks-15-bank-failures-so-far-in-2010.html

[6] U.S. problem bank list hits 416, insurance fund falls: http://www.prisonplanet.com/u-s-problem-bank-list-hits-416-insurance-fund-falls.html

[7] Silver State of Nevada Is 11th U.S. Bank Collapse This Year: http://www.prisonplanet.com/silver-state-of-nevada-is-11th-us-bank-collapse-this-year.html

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