This is the latest news in the banking industry in the USA and in Bloomberg News report. BB&T is expected to acquire the Colonial BancGroup or known as Colonial Bank, an Alabama-based lender.
.
Colonial Bank is facing a criminal investigation now into the accounting of its mortgage-warehousing business and a separate inquiry into its application for federal aid under TARP and was warned a substantial doubt of its ability to sustain the business. With its $25 billion in assets, it is said that Colonial Bank would be the largest bank failure for 2009 so far.
.
Now a representative from Colonial is not available to explain their side and spokesman from BB&T also decline to comment, according to Reuters report.
.
The F.D.I.C. seizes failing banks after the close of business on Friday.
.
Following up with the report, BB&T, which is based in North Carolina USA, it would take over Colonial Bank and its shares surged more than 9%.
.
.
Colonial Bank is facing a criminal investigation now into the accounting of its mortgage-warehousing business and a separate inquiry into its application for federal aid under TARP and was warned a substantial doubt of its ability to sustain the business. With its $25 billion in assets, it is said that Colonial Bank would be the largest bank failure for 2009 so far.
.
Now a representative from Colonial is not available to explain their side and spokesman from BB&T also decline to comment, according to Reuters report.
.
The F.D.I.C. seizes failing banks after the close of business on Friday.
.
Following up with the report, BB&T, which is based in North Carolina USA, it would take over Colonial Bank and its shares surged more than 9%.
0 comments
Post a Comment