14 August 2009: Colonial
Bank, Montgomery, AL was closed by the Alabama State Banking Department. The
Federal Deposit Insurance Corporation was named Receiver.
As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion. Colonial Bank was established in 1917, and has made some 45 acquisitions of other banking institutions over the years.
The FDIC entered into a purchase and assumption agreement with Branch Banking and Trust (BB&T), Winston-Salem, North Carolina, to assume all of the deposits of Colonial Bank.
All deposit accounts have been transferred to Branch Banking and Trust Company and are available immediately. The 346 branches in Alabama, Florida, Georgia, Nevada and Texas reopened as branches of BB&T.
Transferred deposits will be separately insured from any accounts you may already have at BB&T for six months after the failure of Colonial Bank. All interest accrued through Friday, August 14, 2009, will be paid at your same rate; however BB&T will be reviewing rates.
Branch Banking and Trust
The FDIC and BB&T entered into a loss-share transaction on approximately $15 billion of Colonial Bank's assets. BB&T will purchase approximately $22 billion in assets of Colonial Bank. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.8 billion.
For additional information and assistance contact the FDIC at: 1-800-405-8739; or go to: http://www.fdic.gov/bank/individual/failed/colonial-al.html
|2009 FDIC Insured Failed Banks|
100 Colonial Bank Boulevard
Montgomery, AL 36117
|Assets: $25 billion|
|Deposits: $20 billion|
|Cost to FDIC: $2.8 billion|
Established on 01/02/1917 as Bank Of Lexington
06/19/1985 - Changed name to The Colonial Bank Of Northwest Alabama
06/24/1985 - Acquired First National Bank In Tuscumbia
08/31/1985 - Acquired First National Bank Of Russellville
12/30/1986 - Changed name to The Colonial Bank - Northern Region
12/30/1986 - Acquired The Colonial Bank Of North Alabama
12/30/1986 - Acquired The Colonial Bank Of Alabama
05/04/1987 - Acquired Athens-limestone Bank, Inc.
05/18/1987 - Acquired The Jackson County Bank
01/01/1988 - Acquired The Colonial Bank Of East-central Alabama
09/04/1988 - Acquired The Colonial Bank Of Hartselle
11/27/1989 - Acquired Colonial Bank, Decatur Alabama. Changed name to Colonial Bank
03/29/1990 - Acquired The Colonial Bank - Gulf Coast Region
09/27/1991 - Acquired First Federal Savings And Loan Association Of Andalusia, F.A.
03/20/1993 - Acquired Auburn Federal Savings Bank
03/27/1993 - Acquired Home Federal Savings Bank Of Alabama
07/23/1993 - Acquired First Federal Savings And Loan Association Of Russell County, FA
11/13/1993 - Acquired United Savings Bank Fsb
12/31/1993 - Acquired First American Federal Savings And Loan Association
04/01/1995 - Acquired Brundidge Banking Company, Inc
11/04/1995 - Acquired Farmers And Merchants Bank
07/08/1996 - Acquired Dothan Federal Savings Bank
04/03/1997 - Acquired The Union Bank - Evergreen, Alabama
06/16/1997 - Acquired Colonial Bank - Lawrenceville, Georgia
06/16/1997 - Acquired Colonial Bank Of Tennessee
07/01/1997 - Acquired First Commerce Bank Of Polk County - Winter Haven, Florida
07/01/1997 - Acquired Colonial Bank in Orlando, Florida.
07/01/1997 - Acquired Great Southern Bank - West Palm Beach, Florida.
09/16/1997 - Acquired Dadeland Bank in Miami, Florida.
10/02/1997 - Acquired First Independence Bank Of Florida in Fort Myers, Florida.
02/06/1998 - Acquired Ashville Savings Bank) in Ashville, Alabama.
02/12/1998 - Acquired First Central Bank - St. Petersburg, Florida.
02/13/1998 - Acquired First National Bank Of Florida At Bonita Springs, Florida
02/20/1998 - Acquired United American Bank Of Central Florida
06/16/1998 - Acquired Commercial Bank Of Nevada - Las Vegas, Nevada.
08/13/1998 - Acquired Commercial National Bank - Daytona Beach, Florida.
09/18/1998 - Acquired Firstbank - Dallas, Texas.
10/02/1998 - Acquired First Macon Bank & Trust Company - Macon, Georgia
10/07/1998 - Acquired Prime Bank Of Central Florida - Titusville, Florida.
10/14/1998 - Acquired Interwest Bank in Fallon, Nevada.
12/01/1998 - Acquired Texas Bank And Trust - Dallas, Texas
03/29/2002 - Acquired First Mercantile Bank, National Association - Dallas, Texas
10/18/2002 - Acquired Palm Beach National Bank & Trust Company - Palm Beach, Florida
08/08/2003 - Changed name to Colonial Bank, National Association
12/04/2003 - Acquired Sarasota Bank in Sarasota, Florida
02/10/2005 - Acquired Union Bank Of Florida - Lauderhill, Florida
06/02/2005 - Acquired First Federal Savings Bank Of Lake County - Leesburg, Florida
06/08/2007 - Acquired Commercial Bank Of Florida - Miami, Florida
12/13/2007 - Acquired Citrus And Chemical Bank - Bartow, Florida
06/10/2008 - Changed name to Colonial Bank
Unclaimed FDIC Insured Deposits
There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.
This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.
In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.
Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.
It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.
For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Money Search
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for Colonial
and have not received a notice, please contact:
Federal Deposit Insurance Corporation