Colonial Bank (United States)
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.
| Company type | Subsidiary of Colonial BancGroup |
|---|---|
| Industry | Financial Banking Services |
| Genre | Financial services |
| Founded | 1981 |
| Founder | Bobby Lowder |
| Defunct | August 14, 2009 |
| 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 | Montgomery, Alabama , United States |
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 |
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.
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