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Southern Lender Becomes Year's Biggest Bank Failure

By Rob Quinn, Newser Staff

Posted Aug 15, 2009 5:59 AM CDT

(Newser) – Alabama's Colonial Bank has collapsed in the sixth-biggest bank failure in American history, the Wall Street Journal reports. The lender, which had assets of $25 billion and 346 branches in five southern states, was an aggressive mortgage lender in overheated markets like Florida, and its... Read full story »

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Southern Lender Becomes Year's Biggest Bank Failure

bank • FDIC • bank failure • financial crisis • deposit insurance • TARP • Colonial Bank

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More Newser Stories

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund mulls reverse bailout

Wreck of IndyMac Sold for $13.9B

Soros, Dell among the players in FDIC's damaged-goods sale

Raising Deposit Insurance May Save Bailout Package

Help for George Baileys could win over balky politicians

FDIC Launches 50 Criminal Inquiries of Failed Banks

But it won't name names yet

FDIC Seizes 4 More Banks

Tally hits 26 this year; pace of closures expected to increase in coming months

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