Colonial Bancgroup Financial Institution Overview

Colonial Bancgroup was a major financial institution in the United States, founded in 1989 and headquartered in Montgomery, Alabama.

It was a bank holding company that operated a network of over 350 branches across nine states in the southeastern region.

Colonial Bancgroup was a significant player in the banking industry, with assets totaling over $25 billion at its peak.

The bank offered a range of financial services, including personal and commercial banking, mortgage lending, and investment services.

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Your deposit accounts have been transferred to Branch Banking and Trust Company (BB&T), and you can access them immediately. BB&T has taken over the former Colonial Bank locations and will operate them according to the same schedule as before.

You can continue to use the Automated Teller Machines (ATM) and online services without any issues. During regular business hours, you can still access safe deposit boxes, night deposit boxes, wire services, and other services you previously used.

Your checks will be processed as usual, and outstanding checks will be paid against your available balance. If you have any problems with a merchant refusing to accept your check, contact your branch office for assistance.

Your new bank, BB&T, will review interest rates and notify you of any changes. You'll still earn interest on your deposits up to August 14, 2009, at your original rate.

Your banking services will remain available, including ATMs and online services, during regular business hours. You can still use safe deposit boxes, night deposit boxes, and wire services just like before.

Your checks will be processed as usual, and all outstanding checks will be paid against your available balance. If you have a problem with a merchant refusing to accept your check, contact your branch office for help.

BB&T will review interest rates and notify you of any changes. You'll continue to earn interest at your current rate through August 14, 2009.

Automatic direct deposit and withdrawal services will be transferred to your new bank without any extra steps. If you have questions or special requests, contact a representative at your branch office.

If you're concerned about your loan or mortgage, don't worry - your payment amount and due date remain the same. Your loan or mortgage is still intact.

You can continue to make your payments as you have been, whether by check or automatic deduction from your account. Your payment procedure will continue as it has in the past.

If you pay by check, just make sure to keep making your checks payable to the bank's name. If you're not sure what the bank's name is, you can contact your loan officer for clarification.

You may need to contact your loan officer to determine whether your loan is now held by a new bank or by the FDIC as Receiver for the original bank.

Your deposits have been transferred to Branch Banking and Trust Company (BB&T) in Winston-Salem, NC. You can access your accounts immediately at BB&T.

BB&T has taken over the former Colonial Bank locations and will operate them as branches with the same schedule as before. You can visit their website at www.bbt.com to learn more about BB&T.

You can reach out to an FDIC representative for questions about your transferred accounts and deposit insurance by calling (888) 206-4662. They can also provide information on how to use EDIE, the FDIC's Electronic Deposit Insurance Estimator.

You can use EDIE to get an estimate of your deposit insurance coverage by visiting the FDIC website or calling 1-877-275-3342.

You can withdraw your funds without an early withdrawal penalty until you enter into a new deposit agreement with BB&T, as long as the deposits are not pledged as collateral for loans.

Colonial Bancgroup offered a quarterly cash dividend to its shareholders, with the most recent payment made in October 2009.

Shareholders could expect a dividend yield of around 4.6% based on the company's stock price at the time.

Dividends are typically paid quarterly or annually, and the frequency can vary depending on the company's policy.

The dividend payout ratio is a key metric that shows how much of the company's earnings are being distributed to shareholders, and it's usually expressed as a percentage.

Most companies pay dividends to their shareholders on a specific date, known as the ex-dividend date, which is usually 1-2 business days before the record date.

Dividend yields are calculated by dividing the annual dividend payment by the stock's current price, and they can be a useful indicator of a stock's potential return.

A high dividend yield can be attractive to income investors, but it's essential to consider the company's financial health and growth prospects before making an investment decision.

Some companies have a history of consistently increasing their dividend payouts over time, which can be a sign of a healthy and growing business.

Dividend reinvestment plans (DRIPs) allow shareholders to reinvest their dividend payments into additional shares, which can be a great way to dollar-cost average and potentially increase long-term returns.

If you're a shareholder of Colonial Bank, you're probably wondering what happened to your shares of stock. All shares of Colonial Bank were owned by its holding company, The Colonial BancGroup, Inc.

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The good news is that The Colonial BancGroup, Inc. is a separate entity from the bank, and its shareholders shouldn't contact or file a claim with the Receiver. You can contact The Colonial BancGroup, Inc. directly for information.

The FDIC's goal is to use the least-cost resolution measure for each failed financial institution, which often involves transferring only the insured deposits in a merger transaction. This has happened in about 25% of the failures over the past 15 years.

To submit claims against Colonial Bank, you'll need to send a written claim with proof to the Receiver at the following address: FDIC as Receiver for Colonial Bank, 1601 Bryan Street, Dallas, TX 75201, Attention: Claims Agent.

Be cautious of scams, as there may be individuals or entities trying to obtain your personal information by claiming to act on behalf of the failed bank, new bank, or the FDIC. If you're contacted by anyone requesting personal information, contact the call center and they'll direct you to the right person.

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Colonial Bancgroup was founded in 1974 in Montgomery, Alabama as Southland Bancorporation, later changing its name to The Colonial BancGroup, Inc. in 1981.

The company started as a holding company that supervised and coordinated the business of its subsidiaries, providing them with capital and services. This structure allowed the BancGroup to derive most of its income from dividends received from Colonial Bank, its banking subsidiary.

Colonial Bancgroup had a diverse range of interests, including a subsidiary that provided full service and discount brokerage services and investment advice, as well as investments in residential and commercial real estate developments in the southeastern United States and central Texas area.

Colonial BancGroup's disclosure of its legal problems marked the beginning of its downfall. On August 4, 2009, the company announced that federal agents had executed a search warrant at its mortgage warehouse lending offices in Orlando, Florida.

The company was forced to sign a cease and desist order with the Federal Reserve and regulators due to its accounting practices and recognition of losses. This was a significant blow to Colonial BancGroup's reputation and financial stability.

On August 14, it was announced that BB&T would buy Colonial's branches and deposits in a deal with the FDIC. This marked the beginning of the end for Colonial BancGroup as a standalone bank.

Colonial BancGroup filed for Chapter 11 bankruptcy on August 25, 2009. The bankruptcy case's name is "In re Colonial BancGroup Inc, U.S. Bankruptcy Court, Middle District of Alabama (Montgomery), No. 09-32303".

The Bank was founded in 1974 in Montgomery, Alabama as Southland Bancorporation. It later changed its name to The Colonial BancGroup, Inc. in 1981.

The Colonial BancGroup's primary focus was supervising and coordinating the business of its subsidiaries, providing them with capital and services.

In 1981, the company changed its name from Southland Bancorporation to The Colonial BancGroup, Inc.

The BancGroup's main source of income came from dividends received from Colonial Bank, its banking subsidiary.

Colonial Bank sold its interest in Goldleaf Technologies, Inc. on January 31, 2006, which provided Internet and automated clearing house services to community banks.

By the end of the fourth quarter of 2008, Colonial Bancgroup had a Texas ratio of 53.4%, a significant increase from 25% in the first quarter of that year.

Colonial Bancgroup's financial woes led to a significant lawsuit against PricewaterhouseCoopers, the auditor of Colonial Bank. The bankruptcy trustee for Taylor, Bean & Whitaker Mortgage Corp. is seeking $5.5 billion in damages.

PricewaterhouseCoopers' role in the audit of Colonial Bank has been called into question. The trustee alleged that the company was negligent in not detecting a massive fraud scheme that brought down Taylor, Bean & Whitaker.

The trustee cited a 2007 Wall Street Journal article where former PricewaterhouseCoopers chairman Dennis Nally said the audit profession has a responsibility for detecting fraud. This statement seems to contradict PricewaterhouseCoopers' defense that its responsibility is to follow accounting principles.

If you or your company provided a service or product to Colonial Bank before August 14, 2009, and haven't been paid, you may be entitled to a claim against the bank.

The FDIC as Receiver for Colonial Bank has a specific process for handling claims, and you can contact them at 1601 N. Bryan Street, Dallas, TX 75201-3430, or call (888) 206-4662.

Please note that there are time limits for filing a claim, and your claim must be filed on or before November 19, 2009.

The FDIC has withdrawn a previous determination that the assets of Colonial Bank were insufficient to pay claims below the depositor class, which means that there is a possibility that non-deposit claims could be paid in full.

However, the FDIC's withdrawal of the determination does not mean that there will be assets available to make payment on your claim.

If you feel that you have been disadvantaged by the FDIC's now-withdrawn determination, you can contact an FDIC claims agent at the address provided above.

For your interest: Does Fdic Insurance Cover Multiple Accounts Same Bank

You can continue to use your existing branches until BB&T fully integrates the deposit records of Colonial Bank. This process may take some time, so be patient and use your usual banking channels.

Your account with Colonial Bank has been transferred to BB&T, and all deposit accounts, including checking, savings, money market, CDs, and retirement accounts, are now with BB&T. No one lost any money on deposit in Colonial Bank.

Your ATM/debit card will continue to work, and bill paying will work as it has in the past. This means you can still access your money and pay bills without any issues.

If you have an account at Colonial Bank in Montgomery, AL, you'll want to know what happened in August 2009 when the bank closed.

Colonial Bank was closed by the Alabama State Banking Department on Friday, August 14, 2009.

The Federal Deposit Insurance Corporation (FDIC) took over and transferred your account balance to BB&T, which acquired substantially all the deposits and assets of Colonial Bank.

Your account balance should still be available for transactions at the former Colonial Bank branches during regular business hours.

You can continue to use your checks, ATM cards, and debit cards until you're notified otherwise.

Direct Deposits, including Social Security checks, will continue as usual.

Your account with Colonial Bank has been transferred to BB&T, and you can continue to use your existing branches until BB&T fully integrates the deposit records.

All deposit accounts, including checking, savings, money market, CDs, and retirement accounts, have been transferred to BB&T, regardless of the dollar amount. No one lost any money on deposit in Colonial Bank.

You won't receive any email notifications from the FDIC, the Receiver, or BB&T to claim or provide private information, so be wary of scams.

Your ATM/debit card will still work, and bill paying will continue as usual.

If you have a Colonial Bank deposit through a broker, you need to contact your broker with any questions.

You can withdraw funds from your transferred account without an early withdrawal penalty until you enter into a new deposit agreement with BB&T.