Largest failure this year! Colonial BancGroup shut by regulators.Submitted by RideTheDirt on Fri, 08/14/2009 - 19:16
"WASHINGTON (AP) -- Regulators on Friday shut down Colonial BancGroup Inc., a big lender in real estate development that buckled under the collapse of the market. It was the biggest U.S. bank to fail this year, with about $25 billion in assets."
"The failure of Colonial is expected to cost the deposit insurance fund an estimated $2.8 billion."
Read more at :http://finance.yahoo.com/news/Colonial-BancGroup-shut-by-apf-3314129410.html?x=0