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Saturday, August 15, 2009 - 5:02am

Feds Shut Down Colonial BancGroup

Updated: 5 years ago.
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.

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