Colonial Bank to be sold? - WSFA.com Montgomery Alabama news.

Colonial Bank to be sold?

NEW YORK, NY (CNN) - The financial wire service, Dow Jones, is reporting that BB&T may buy Montgomery-based Colonial BancGroup which has fallen into dire straights. 

The offer comes after a federal judge announced Colonial Bank is on the brink of collapsing.

Trouble has been brewing recently for Colonial , which is owned by BancGroup.

Its mortgage lending division has been the focus of a federal investigation, and last month, it released a statement suggesting the bank wouldn't be able to last much longer.

BB&T is reportedly offering to buy Colonial's deposits and 355 branches, but not the loans and other financial assets it holds.

The Federal Deposit Insurance Company, which provides insurance on bank accounts, updated its bank failure list at 4:00 Friday. Colonial's name was not immediately put on the list.

However, at 5pm the list was updated to show the failed bank.

 

 

  • NewsMore>>

  • More than $55K raised for teacher who stopped shooter

    More than $55K raised for teacher who stopped shooter

    Sunday, May 27 2018 3:24 PM EDT2018-05-27 19:24:15 GMT
    Monday, May 28 2018 1:08 AM EDT2018-05-28 05:08:14 GMT
    (Southern Illinois University via AP). RETRANSMISSION TO CORRECT NAME TO JASON SEAMAN - In this undated photo, provided by Southern Illinois University, Jason Seaman, a defensive end for the SIU football team, poses for a photo in Carbondale, Ill. Seam...(Southern Illinois University via AP). RETRANSMISSION TO CORRECT NAME TO JASON SEAMAN - In this undated photo, provided by Southern Illinois University, Jason Seaman, a defensive end for the SIU football team, poses for a photo in Carbondale, Ill. Seam...
    Online fundraiser has already surpassed $55,000 goal for Indiana teacher shot while tackling armed student.More >>
    Online fundraiser has already surpassed $55,000 goal for Indiana teacher shot while tackling armed student.More >>
  • Bloody but forgotten WWII battle still haunts soldiers

    Bloody but forgotten WWII battle still haunts soldiers

    Sunday, May 27 2018 11:34 AM EDT2018-05-27 15:34:09 GMT
    Monday, May 28 2018 1:07 AM EDT2018-05-28 05:07:50 GMT
    (AP Photo/Mark Thiessen). In this May 19, 2018, photo World War II veterans Allan Seroll, left, of Massachusetts, and William Roy Dover, right, of Alabama, right, attend a 75th anniversary celebration of the Battle of Attu in Anchorage, Alaska. Dover w...(AP Photo/Mark Thiessen). In this May 19, 2018, photo World War II veterans Allan Seroll, left, of Massachusetts, and William Roy Dover, right, of Alabama, right, attend a 75th anniversary celebration of the Battle of Attu in Anchorage, Alaska. Dover w...

    One of the bloodiest World War II battles in the Pacific was waged 75 years ago this month on Attu Island in Alaska's Aleutian Islands.

    More >>

    One of the bloodiest World War II battles in the Pacific was waged 75 years ago this month on Attu Island in Alaska's Aleutian Islands.

    More >>
  • LeBron's 35 help Cavs beat Celtics 87-79, reach NBA Finals

    LeBron's 35 help Cavs beat Celtics 87-79, reach NBA Finals

    Sunday, May 27 2018 11:14 PM EDT2018-05-28 03:14:46 GMT
    Monday, May 28 2018 1:07 AM EDT2018-05-28 05:07:00 GMT
    (AP Photo/Charles Krupa). Cleveland Cavaliers forward LeBron James soars to dunk in front of Boston Celtics forward Al Horford (42) and forward Marcus Morris (13) during the first half in Game 7 of the NBA basketball Eastern Conference finals, Sunday, ...(AP Photo/Charles Krupa). Cleveland Cavaliers forward LeBron James soars to dunk in front of Boston Celtics forward Al Horford (42) and forward Marcus Morris (13) during the first half in Game 7 of the NBA basketball Eastern Conference finals, Sunday, ...
    LeBron James scored 35 points with 15 rebounds and nine assists to earn an eighth straight trip to the NBA Finals, leading the Cleveland Cavaliers to an 87-79 victory over the Boston Celtics in Game 7 of the...More >>
    LeBron James scored 35 points with 15 rebounds and nine assists to earn an eighth straight trip to the NBA Finals, leading the Cleveland Cavaliers to an 87-79 victory over the Boston Celtics in Game 7 of the Eastern Conference finals.More >>
Powered by Frankly