Corporate cash-hoarding continues
Even as the economy improves, corporate America continues to pile up record amounts of unused cash, Bloomberg reports. Read more at Counterparties
Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
Sponsored Links
BB&T agrees to buy assets of failed Colonial
A BB&T bank branch sign is seen in Arlington, Virginia, August 14, 2009.
Credit: Reuters/Jim Young
WASHINGTON |
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"
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters