MONTGOMERY, AL - The former Colonial Bank Headquarters building at 100 Colonial Bank Boulevard, has been sold.
The Federal Deposit Insurance Corporation (FDIC) took control of the brand new complex after Colonial Bank's spectacular collapse in 2009. It was the company's new headquarters at that time.
The property was sold to Montgomery Colonial Property, LLC, an entity owned by the Larry Crain family of Little Rock, Arkansas. The family operates new franchised auto dealerships, radio stations and commercial real estate primarily located in Central Arkansas.
The property, including a 209,000 square foot office building and three story parking deck, sits on 15 acres facing Interstate 85. The sales price was undisclosed.
The Crain family purchased the former Colonial Bank Headquarters as a Real estate investment and said they have no plans to occupy any of the space.