Colonial BancGroup, 4 other banks shut

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Submitted by Sandiagon on August 14, 2009 - 8:49pm

WASHINGTON – Regulators on Friday shut down real estate lender Colonial BancGroup Inc. in the biggest U.S. bank failure this year and also closed four banks in Arizona, Nevada and Pennsylvania.

The closures boosted to 77 the number of federally insured banks that have failed in 2009.

http://news.yahoo.com/s/ap/20090815/ap_o...

‹ Aside from the 700billion bailout package, did any of you taxpayers notice that you'll also be subsidizing GM, Ford, Chrysler? Buying a small condo in UTC as an investment? ›
Colonial alone will take the
Submitted by capeman on August 15, 2009 - 9:50am.

Colonial alone will take the FDIC fund into negative territory by billions of dollars in losses.

capeman wrote:Colonial alone
Submitted by patientrenter on August 15, 2009 - 9:59am.

capeman wrote:
Colonial alone will take the FDIC fund into negative territory by billions of dollars in losses.

Insignificant. Just add the losses to the total taxpayer bailout tab. What we have already committed to do will become trillions in losses. The bank losses, whether they get filled by the FDIC, or by asset price subsidies from another branch of the govt, will be massive.