BB&T acquires Colonial Bank assets

Published 3:10 pm Monday, August 17, 2009

BB&T Corporation will acquire Colonial Bank, which was seized by the Alabama State Banking Department at 5 p.m. Aug. 14.

Customers of Colonial Bank can continue to use their local bank branches, which are operating normally as branches of BB&T. All deposits are still insured by the Federal Deposit Insurance Corporation.

BB&T communications director Cynthia Williams said the acquisition benefits clients and the bank.

“The branches from Colonial match very well with the market that we are in, in Florida, Georgia and Alabama,” she said. “And we can also provide more services and better services to our clients.”

Customers can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed, and loan customers should continue to make their payments as well.

Colonial Bank is the first FDIC-insured institution in Alabama to fail this year.

Colonial Bank has branches in Pelham and Inverness.