Colonial Bank (United States)
Defunct bank headquartered in Alabama / From Wikipedia, the free encyclopedia
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Colonial Bank, formerly a subsidiary of Colonial BancGroup, was headquartered in Montgomery, Alabama. Colonial Bank had 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas.
Quick Facts Company type, Industry ...
Company type | Subsidiary of Colonial BancGroup |
---|---|
Industry | Financial Banking Services |
Genre | Financial services |
Founded | 1981 |
Founder | Bobby Lowder |
Defunct | August 14, 2009 (2009-08-14) |
Fate | The Alabama State Banking Department declared Colonial Bank insolvent, seized it, and appointed the FDIC to become the failed bank's receiver. The FDIC sold Colonial Bank to BB&T. |
Headquarters | , |
Area served | Alabama, Georgia, Florida, Tennessee, Louisiana, Missouri, Nevada, Texas |
Key people | Executive Board |
Total assets | $26 billion |
Owner | Bobby Lowder |
Number of employees | < 10,000 |
Parent | Colonial BancGroup |
Website | colonialbank |
Close
Colonial's assets had grown from $166 million in 1981 to $26 billion. Colonial expanded from its base of Alabama to fast-growing regional markets such as Florida, Georgia, Texas, and Nevada. Colonial Bank was the fifth-largest commercial bank in Florida and 27th-largest commercial bank in the USA. Colonial Bank was frequently the target of rumors that it would be acquired by a larger bank.