The FDIC just emailed the announcement that BB&T would be assuming all deposits of Colonial Bank. The closing of Colonial Bank of Montgomery, Alabama had been leaked and reported in the financial media earlier today.
If you are a depositor at Colonial, you are completely protected by the FDIC since all deposits (about $20 billion) were assumed by BB&T.
BB&T is also purchasing about $22 billion of Colonial's $25 billion in assets.
The cost to the FDIC Deposit Insurance Fund (DIF) will be about $2.8 billion.
The decision to close the bank was made by the Alabama State Banking Department, which then appointed the FDIC as the receiver to tidy up the remains.
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