Colonial Bank at Verge of Failure
Colonial Bank is on the news today after it has been reported that the bank is at the verge of failure! Today a judge ordered a freeze of its assets and its dposits and branches could be bought by rival bank BB&T.
Money.cnn.com reports:
With about $25 billion in assets, Colonial is 100 times larger than the typical bank to have failed this year.
Financial wire service Dow Jones reported that BB&T will buy Colonial’s deposits and branches, but not the loans and other financial assets it holds. Terms were not known.
Colonial spokeswoman Mary Tolbert had no comment on the report, nor did BB&T spokeswoman Cynthia Williams or FDIC spokesman David Barr.
Good news is that clients should not be affected by the troubling times Colonial Bank is facing, as the Federal Deposit Insurance Corp. guarantee account balances of up to $250,000.
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