Colonial BancGroup's Prospects Dim
Colonial, which recently expressed doubt about its ability to continue operating, and was the subject of a Securities and Exchange Commission probe and a Justice Department criminal investigation, will be shut down late Friday by Alabama regulators, Down Jones reported, cited sources. The Federal Deposit Insurance Corp. is expected to take Colonial into receivership and selling its deposits and branches to BB&T, which is based in Winston-Salem, N.C.
There have been 72 previous bank failures this year, which are detailed on TheStreet.com's interactive bank failure map.
-- Written by Philip van Doorn in Jupiter, Fla.
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