BB&T (BBT +9.4%) assumes all deposits of Colonial Bank (CNB), closed by Alabama regulators...

|About: Colonial BancGroup, Inc. (... (CNB)|By:, SA News Editor
BB&T (BBT +9.4%) assumes all deposits of Colonial Bank (CNB), closed by Alabama regulators in the year's 74th - and biggest - bank failure. The 346 branches reopen as BB&T under normal business hours tomorrow. A loss-share transaction on $15B in assets limits the cost to the Deposit Insurance Fund to an estimated $2.8B. Colonial had total assets of $25B.