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BB&T agrees to buy assets of failed Colonial
WASHINGTON (Reuters) - The Federal Deposit Insurance Corp said in a statement on Friday that regulators have closed Colonial Bank and Southeast regional bank BB&T will buy about $22 billion in assets of Colonial.
* FDIC will retain remaining assets for later disposition
* says BB&T assumes all of the deposits of Colonial Bank of Montgomery, Alabama
* US FDIC and BB&T entered into a loss-share transaction on approximately $15 billion of Colonial Bank's assets
* says Colonial's failure expected to cost insurance fund $2.8 billion
* says Colonial Bank is 74th U.S. bank to fail this year
* FDIC Chairman Sheila Bair says "losses from today's failures are lower than had been projected"
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