Who bought out Colonial Bank?
Who bought out Colonial Bank?
BB
The Alabama State Banking Department declared Colonial Bank insolvent, seized it, and appointed the FDIC to become the failed bank’s receiver. The FDIC sold Colonial Bank to BB. Colonial Bank, formerly a subsidiary of Colonial BancGroup, was headquartered in Montgomery, Alabama.
Did BB buy Colonial Bank?
WINSTON-SALEM, N.C., Aug. 14 /PRNewswire-FirstCall/ — BB Corporation (NYSE: BBT) late this afternoon said it has acquired the banking operations of Colonial Bank of Montgomery, Ala. The acquisition, BB’s largest in its 137-year history, creates the nation’s eighth largest financial holding company by deposits.
What did Colonial Bank become?
Colonial’s 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen as branches of BB, the FDIC said. Depositors of Colonial will automatically become depositors of BB.
When did BB buy Colonial Bank?
Aug. 14, 2009
Troubled Colonial BancGroup fails, sold to BB – Aug. 14, 2009.
What happened to Taylor Bean and Whitaker?
On August 5, 2009, Taylor, Bean & Whitaker ceased business operations, and terminated all of its approximately 2,000 employees at its headquarters. Both companies were brought down by a fraud that started in 2002 involving individuals at both Colonial Bank and Taylor, Bean & Whitaker.
Where is Lee Farkas today?
On June 30, 2011, Lee Farkas was sentenced to serve 360 months in in Federal Prison. He has been serving that time at Coleman Low Federal Correctional Institution in Sumterville, Florida and was scheduled to be released from prison on October 31, 2036.
Why choose 1st Colonial community bank?
At 1st Colonial Community Bank you’ll find great rates on all our savings and loan products. We offer Statement Savings and Certificate of Deposit Accounts so you can grow your money. We also offer NOW Checking and Money Market Accounts so you can write checks while you earn interest on your money.
What is the interest rate for one year CDs?
One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts. 1 Year CD National Average : 0.40%?
How do banks distribute interest on a CD?
The method of distributing the interest earned on a CD varies by bank. Some banks pay interest monthly, other semi-annually, and others at the maturity of the CD. One advantage of a branch-based bank is that a depositor can walk into the bank and receive their interest that day in the form of a check.
