Report: Colonial being sued for $1 billion - WSFA.com Montgomery Alabama news.

Report: Colonial being sued for $1 billion

MONTGOMERY, AL - The bad news just keeps coming for Montgomery-based Colonial Bancgroup. According to the Birmingham News, Bank of America Corporation is suing Colonial for more than $1 billion in cash and loans.

The suit also asks a federal court to bar Colonial from selling or otherwise disposing of certain assets.

The bank announced Wednesday that it would not be able to provide the Securities and Exchange Commission with its second quarter financial report due to accounting irregularities.

The bank has admitted it doesn't know how much money it lost in the second quarter or 2009 and says it's not sure exactly how much money is currently has.

This news all comes just days after a federal raid on the bank's Orlando, Florida offices and the announcement the bank was under investigation.

Colonial says it is cooperating with the investigation and business at its area branches continue uninterrupted.

Stay tuned to WSFA.com and WSFA 12 News for the latest developments.

  • NewsMore>>

  • High Court: Online shoppers can be forced to pay sales tax

    High Court: Online shoppers can be forced to pay sales tax

    Thursday, June 21 2018 10:32 AM EDT2018-06-21 14:32:03 GMT
    Thursday, June 21 2018 12:15 PM EDT2018-06-21 16:15:00 GMT
    (AP Photo/Jessica Gresko, File). FILE - This April 23, 2018, file photo shows the Supreme Court in Washington.  The Supreme Court says states can force online shoppers to pay sales tax. The 5-4 ruling Thursday is a win for states, who said they were lo...(AP Photo/Jessica Gresko, File). FILE - This April 23, 2018, file photo shows the Supreme Court in Washington. The Supreme Court says states can force online shoppers to pay sales tax. The 5-4 ruling Thursday is a win for states, who said they were lo...

    The Supreme Court says states can force online shoppers to pay sales tax.

    More >>

    The Supreme Court says states can force online shoppers to pay sales tax.

    More >>
  • Serena Williams: Young boys need domestic abuse education

    Serena Williams: Young boys need domestic abuse education

    Thursday, June 21 2018 10:32 AM EDT2018-06-21 14:32:13 GMT
    Thursday, June 21 2018 12:14 PM EDT2018-06-21 16:14:38 GMT
    (Photo by Charles Sykes/Invision/AP). Professional tennis player Serena Williams appears at an event to launch a national street art campaign with Allstate Foundation Purple Purse to make domestic violence and financial abuse visible, at TicTail Market...(Photo by Charles Sykes/Invision/AP). Professional tennis player Serena Williams appears at an event to launch a national street art campaign with Allstate Foundation Purple Purse to make domestic violence and financial abuse visible, at TicTail Market...
    Serena Williams says young boys, and girls, need to educated about the dangers of domestic abuse.More >>
    Serena Williams says young boys, and girls, need to educated about the dangers of domestic abuse.More >>
  • Trump tweet complicates House GOP efforts on immigration

    Trump tweet complicates House GOP efforts on immigration

    Thursday, June 21 2018 12:41 AM EDT2018-06-21 04:41:36 GMT
    Thursday, June 21 2018 12:13 PM EDT2018-06-21 16:13:16 GMT
    (AP Photo/J. Scott Applewhite). Speaker of the House Paul Ryan, R-Wis., joined by House Majority Whip Steve Scalise, R-La., left, and House Ways and Means Committee Chairman Kevin Brady, R-Texas, talks following a closed-door conference with fellow Rep...(AP Photo/J. Scott Applewhite). Speaker of the House Paul Ryan, R-Wis., joined by House Majority Whip Steve Scalise, R-La., left, and House Ways and Means Committee Chairman Kevin Brady, R-Texas, talks following a closed-door conference with fellow Rep...

    An ambitious House GOP immigration overhaul is teetering ahead of voting.

    More >>

    An ambitious House GOP immigration overhaul is teetering ahead of voting.

    More >>
Powered by Frankly