Sat., August 15, 2009 9:02am (EDT)

Feds Shut Down Colonial BancGroup
By Associated Press
Updated: 2 years ago

ATLANTA  —  
The move is expected to cost the FDIC about $2.8 billion.
Colonial BancGroup is the latest bank failure and it’s the largest bank to buckle this year.

Federal regulators shut down the big real estate development lender yesterday.

It’s expected to cost the FDIC an estimated $2.8 billion.

They approved the sale of its $25 billion in assets to BB&T Corp.

The branches in Georgia will open normal times today as offices of BB&T.