Done deal: BB&T buys failed Colonial Bank
The deal is done.
Colonial Bank of Montgomery, Ala., was closed today by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking and Trust (BB&T), Winston-Salem, N.C., to assume all of the deposits of Colonial Bank. Here are the details from the FDIC.