"Feds Seize Colonial Bank, 6th-Largest Failure In U.S. History August 15, 2009
BB&T buys Colonial deposits, branches; four other banks fail "
Read more:
http://www.consumeraffairs.com/news04/2009/08/bank_closings10.html
Colonial Bank was a large mortgage institution, according to CNN this may cause large ripples in the housing market - through any and every bank.
That means interest rates go +++++
This one bank's closing will cost the FDIC 3 billion dollars
so discouraging, what will be next
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