SAN FRANCISCO (MarketWatch) -- Colonial BancGroup Inc. may become the largest bank failure so far this year.
Shares of Colonial /quotes/comstock/13*!cnb/quotes/nls/cnb (CNB 0.41, -0.06, -11.94%) dropped 12% to 41 cents before being halted Friday morning. News of the looming takeover was reported by Bloomberg News and The Wall Street Journal's online edition.
BB&T Corp. /quotes/comstock/13*!bbt/quotes/nls/bbt (BBT 28.01, +2.21, +8.57%) is expected to take over the Montgomery, Ala.-based bank as early as Friday in what would be the biggest bank failure of 2009, Bloomberg reported, citing an unidentified source close to the matter.
The deal will be supported by the Federal Deposit Insurance Corp., Bloomberg and the Journal reported.
In Washington, FDIC spokesman David Barr declined to comment.
Shares of BB&T rose 5% to $27.08.
Colonial Bank "is probably a manageable purchase although we expect some losses from the purchase," said Egan-Jones Ratings, a rating agency that's paid by investors rather than issuers, in a statement Friday
Showing posts with label colonial bank. Show all posts
Showing posts with label colonial bank. Show all posts
Friday, August 14, 2009
RIP, Colonial Bank
Actually sold them quite a bit of property over the past few years. BB&T likely to take over. RIP.
Wednesday, July 30, 2008
Colonial Bank Purchases New Branch in Osprey
28 July, 2008 - Colonial Bank N.A. (NYSE: CNB), has purchased an approximately 2,900 square foot condo at 24 East Bay Street, Unit 11, Building A-3, Osprey, Florida from Bay Street Partners, LLC for $1,455,725. Colonial's new branch, which includes two drive through lanes is expected to open so
metime in 2009. Anthony V. Migliore and Paul Klick of Coldwell Banker Commercial NRT represented Colonial Bank and Ray Rodriquez of Florida Rays Realty represented the seller.
"This just underscores the fact that there is positive news with regard to banks expanding in this economy," says Migliore who represented Colonial Bank. "This is a strategically important site for my client."
The Colonial BancGroup, Inc., is a $27 billion financial services company headquartered in Montgomery, Ala. Its common stock is traded on the New York Stock Exchange under the symbol CNB. They are both a Fortune 400 Platinum Company as well as a Fortune Global 1000 company. Colonial currently has more than 340 banking offices in Alabama, Florida, Georgia, Nevada and Texas.
Colonial Bank: http://www.colonialbank.com
Coldwell Banker Commercial NRT: http://www.cbcworldwide.com
Story Link
28 July, 2008 - Colonial Bank N.A. (NYSE: CNB), has purchased an approximately 2,900 square foot condo at 24 East Bay Street, Unit 11, Building A-3, Osprey, Florida from Bay Street Partners, LLC for $1,455,725. Colonial's new branch, which includes two drive through lanes is expected to open so
metime in 2009. Anthony V. Migliore and Paul Klick of Coldwell Banker Commercial NRT represented Colonial Bank and Ray Rodriquez of Florida Rays Realty represented the seller."This just underscores the fact that there is positive news with regard to banks expanding in this economy," says Migliore who represented Colonial Bank. "This is a strategically important site for my client."
The Colonial BancGroup, Inc., is a $27 billion financial services company headquartered in Montgomery, Ala. Its common stock is traded on the New York Stock Exchange under the symbol CNB. They are both a Fortune 400 Platinum Company as well as a Fortune Global 1000 company. Colonial currently has more than 340 banking offices in Alabama, Florida, Georgia, Nevada and Texas.
Colonial Bank: http://www.colonialbank.com
Coldwell Banker Commercial NRT: http://www.cbcworldwide.com
Story Link
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