Bank Failure
Colonial Bank
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Closed August 14, 2009 · Montgomery, AL · FDIC Cert #9609.
- Closing date
- August 14, 2009
- Headquarters
- Montgomery, AL
- FDIC Certificate
- 9609
- Total assets at closing
- $25.46B
- Total deposits at closing
- $20.07B
- Estimated loss to the insurance fund
- $2.37B
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- BB&T
Context
On August 14, 2009, regulators closed Colonial Bank, headquartered in Montgomery, AL. At closing, the institution held approximately $25.46B in assets and $20.07B in deposits. The FDIC record names BB&T as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $2.37B.
By assets at closing this is the 6th largest of the 3,526 bank failures in the FDIC record, and the 1st of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Colonial Bank fail?
Colonial Bank was closed by regulators on August 14, 2009.
Who acquired Colonial Bank?
The FDIC record names BB&T as the acquiring institution in the resolution of Colonial Bank.
How big was Colonial Bank when it failed?
Colonial Bank had approximately $25.46B in total assets and $20.07B in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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