MONTGOMERY, Ala. ( TheStreet) -- Colonial BancGroup ( CNB) is set to be shut down by regulators Friday, with deposits acquired by BB&T ( BBT), according to a published report.

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.
Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.