Colonial Bank: The Cycle Is Complete

BoneYard submits:

Well, as I predicted in my Aug 13, 2009 post "CNB - FDIC Preps the Patient", Colonial Bank (CNB) was taken into receivership and passed to BB&T (BBT). From the house of Bair press release:

Colonial Bank, Montgomery, Alabama, was closed today by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, 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.

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