BB&T is taking over Colonial Bank in one of the biggest bank failures of the year. CNN says the failure of Colonial Bank is the sixth largest bank failure in U.S. history.
The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas, is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.
With $25 billion in assets and $20 billion in deposits, Colonial is 100 times larger than the typical bank to have failed this year.
BB&T (BBT, Fortune 500) will buy $22 billion of Colonial's assets, as well as its deposits and branches, leaving the remaining assets in the hands of the Federal Deposit Insurance Corp.
Four other banks were also taken over by regulators today. Here is a list:
