Colonial Bank Announces Loss

Montgomery based Colonial Bancgroup Incorporated announced the company's net loss for the quarter is 9 million dollars.

C.E.O. Bobby Lowder says the economic downturn continues to impact the bank, especially the housing downturn.

Lowder says the problems were not unexpected, and colonial bank is still on solid footing. Colonials stock price has plummeted over the last year. In July of 2007, it was selling for about $25 a share. Today it closed at $4.45, off more than 80% in 12 months.  Today's price is up from Monday when the stock hit $3.09 a share.