The Colonial Bancgroup, Inc. was a large bank holding company headquartered in Montgomery, Alabama. Founded in 1981, it grew to become one of the 25 largest banks in the United States, operating approximately 340 branches across Alabama, Florida, Georgia, Nevada, and Texas. The bank's business focused heavily on commercial and residential real estate, particularly construction and development loans. This concentration of risk, coupled with a massive multi-billion dollar fraud scheme involving its largest mortgage customer, Taylor, Bean & Whitaker, led to its insolvency and subsequent failure on August 14, 2009. Its assets were sold by the FDIC to Branch Banking and Trust Company (BB&T), now known as Truist Financial.

Founded in

United States