Bankruptcy

Colonial Shuts, Sells, ReOpens

By mcbride

BB&T is now the owner of Colonial?s assets and some of its debts, but certainly not all.  BB&T is based in Winston-Salem, N.C.; Colonial was an Alabama institution.  ?The agency [FDIC] approved the sale of Colonial’s $20 billion in deposits and about $22 billion of its assets to BB&T Corp., which is based in Winston-Salem, N.C. The failed bank’s 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of BB&T, the FDIC said.?

Here is a link to one article on this topic: http://apnews.myway.com/article/20090815/D9A30GHG0.html

Michael

Full post as published by Texas Lawyer Blog on August 17, 2009 (boomark / email).