On August 14, 2009, Alabama-based Colonial Bank was shut down by the Alabama Banking Department, making it the 74th FDIC-insured institution to fail this year. The bank was closed without any advance notice to the public, which is a standard practice in bank closings. The Federal Deposit Insurance Company (FDIC) was named Receiver, and all deposit and loan accounts were transferred to Branch Banking and Trust Company (BB&T) of Winston-Salem, North Carolina under a purchase and assumption agreement. Funds transferred to BB&T will be available immediately.
To read the full story, click here:
http://www.examiner.com/x-16813-Legal-News-Examiner~y2009m8d15-Colonial-Bank-closed-by-Alabama-Banking-Department-and-FDIC-names-as-receiver
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August 16, 2009
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The law commmet seems a bit complicated.
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