Colonial BancGroup faces federal investigation - WSFA.com Montgomery Alabama news.

Colonial BancGroup faces federal investigation

MONTGOMERY, Ala. (AP) - Colonial BancGroup says it is under criminal investigation by the Department of Justice over alleged accounting irregularities at its mortgage warehouse lending unit.

The company says the probe involves one year's worth of financial statements and says it intends to cooperate.

Stay tuned to WSFA.com and WSFA 12 News through out the day for more information.

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