Colonial Bancgroup
defunct bank headquartered in Alabama
Colonial BancGroup Inc. was a bank holding company headquartered in Montgomery, Alabama, United States that failed in 2009. It was a financial services company that, through its subsidiaries, provided diversified services, including retail and commercial banking, wealth management services, mortgage banking and insurance. The company was in the top 50 largest banks in the US prior to its failure and its subsidiary, Colonial Bank, operated 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. On August 25, 2009 it filed for Chapter 11 bankruptcy. The banking assets and branches were sold to BB&T under a Federal Deposit Insurance Corporation (FDIC) brokered deal.
History
Foundation and Expansion
The Bank was founded in 1974 in Montgomery, Alabama as Southland Bancorporation. The company changed its name to The Colonial BancGroup, Inc. in 1981. Colonial Bank was established in 1981 as part of Colonial BancGroup's relocation to Montgomery from Mobile.
“Colonial Bancgroup” enters the record as defunct bank headquartered in Alabama. Crown Archives preserves that source wording while asking what Colonial, Bancgroup and defunct can confirm, complicate or overturn.
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This entry incorporates text from “Colonial Bancgroup” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.