Biggest Bank Failure of 2009
Another bank bites the dust -- this time, it's Colonial BancGroup
Updated 9:46 AM EDT, Sat, Aug 15, 2009
Regulators Friday shut down Colonial BancGroup Inc., a giant lender whose collapse marked the nation's biggest bank failure in a year that saw 74 federally insured banks close their doors.
The Montgomery, Ala. based Colonial had about $25 billion in assets -- $22 billion of which will be sold to BB&T Corp., based in North Carolina, according to the Associated Press.
Colonial's 346 branches nationwide will reopen Saturday as BB&T offices, the Federal Deposit Insurance Corp. told the AP.
Regulators also shut down Dwelling House Savings and Loan Association, a Pittsburgh thrift that had $13.4 million in assets, some of which will be assumed by PNC Financial Services Group.
Twenty-five banks failed last year -- and only 3 collapsed in 2007.
Read more: MSNBC, The Associated Press
First Published: Aug 14, 2009 9:43 PM EDT
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