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Thread: Regulators close Colonial Bank; assets sold to BB&T

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    Regulators close Colonial Bank; assets sold to BB&T

    Reuters reported:

    Colonial Bank, of Montgomery Ala., was shuttered on Friday and its assets sold to southeast regional bank BB&T Corp, marking the largest bank failure this year...

    The failure of Colonial Bank, which had total assets of $25 billion, is expected to cost the Federal Deposit Insurance Corp's insurance fund $2.8 billion.
    Regulators close Colonial Bank; assets sold to BB&T | Reuters

    Colonial Bank was the third largest bank to fail since the collapse of the nation's housing bubble. The three largest bank failures since 2007 are:

    Washington Mutual: $307.00 billion in assets
    IndyMac: $32.01 billion in assets
    Colonial Bank: $25.00 billion in assets

    Following the closure of Colonial Bank, three additional banks were closed. That brings this year's figure for failed banks to 77. In 2008, 25 banks failed. In 2007, 3 banks failed. The total number of failures in the 2007-09 period has now risen to 105. Additional bank failures are highly likely in coming weeks.

    Three states have 10 or more bank failures since the housing bubble burst during summer 2006:

    Georgia: 26
    Illinois: 14
    California: 13

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    My parents are at that bank, the web site says there will be no disruption in deposits and to carry on normally.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    Quote Originally Posted by angrycarpenter View Post
    My parents are at that bank, the web site says there will be no disruption in deposits and to carry on normally.
    That's correct. There should be no disruptions of any kind.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    This seems to be the run of the mill lately. I work for a bank and we acquired to failed banks in California at the end of last year too.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    77 bank failures this year.

    Wasn't TARP supposed to stabilize the financial system? 77 failures is a pretty odd standard of stability.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    Quote Originally Posted by celticlord View Post
    77 bank failures this year.

    Wasn't TARP supposed to stabilize the financial system? 77 failures is a pretty odd standard of stability.
    It only takes 5% in bad loans for a bank to be in serious trouble, so this cycle of pain is far from over.

    Tarp is just govt loans that provide liquidity, it doesn't solve the banks toxic assets problems.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    Quote Originally Posted by Joe1991 View Post

    Tarp is just govt loans that provide liquidity, it doesn't solve the banks toxic assets problems.
    That is not the claim put forth when declaring victory over the financial sector.[/I]
    Last edited by Harshaw; 08-15-09 at 02:37 PM.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Norville Rogers
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    Re: Regulators close Colonial Bank; assets sold to BB&T

    How much money does the FDIC have left? It can't be much

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    Quote Originally Posted by Joe1991 View Post
    It only takes 5% in bad loans for a bank to be in serious trouble, so this cycle of pain is far from over.

    Tarp is just govt loans that provide liquidity, it doesn't solve the banks toxic assets problems.
    So $700 Billion bought us....twelve months before banking collapse? Gee, I was rather hoping we'd get more bang for the buck than that.

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    Re: Regulators close Colonial Bank; assets sold to BB&T

    Quote Originally Posted by celticlord View Post
    So $700 Billion bought us....twelve months before banking collapse? Gee, I was rather hoping we'd get more bang for the buck than that.
    Actually it's only been ten months sinch Bush started handed out the billions.

    I was against the bailouts myself, I would have rather gone through a depression than give the wall street crowd our childrens future, but we're in it now and hopefully the plans work. But no whining when our taxes have to eventually go up to pay for it.
    Last edited by Joe1991; 08-15-09 at 06:55 PM.

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