BB&T (BBT) Reaches Deal With the FDIC To Buy Near-Defunct Colonial BancGroup (CNB)
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According to various reports, BB&T (NYSE: BBT) reached a deal with the FDIC to purchase the deposits and branches of embattled Colonial BancGroup Inc. (NYSE: CNB).
The deal, if approved, would happen after Colonial BancGroup is put into receivership.
The Wall Street Journal said BB&T has already dispatched employees to Colonial markets to prepare for the takeover and an announcement from the FDIC could be made later today.
With the acquisition, BB&T will gain access to Texas, an attractive banking market, and will expand its presence in trouble-spot Florida and Alabama, Colonial's home market.
On Thursday, a U.S. District Court of granted a motion by Bank of America (NSYE: BAC) for a temporary restraining order to freeze $1 billion of Colonial assets as the bank was viewed by the judge to be "on the brink of collapse."
Shares of BB&T are up 6% on the potential deal. CNB is down 13%.
Link to WSJ Article
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