Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.
On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was
closed by the Alabama State Banking Department, and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled the following information,
which should answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
Gray at 202-494-1049.
All deposit accounts have been transferred to
Banking and Trust Company, (BB&T), Winston-Salem, NC ("assuming
and will be available immediately. The former Colonial Bank locations will reopen as branches of
BB&T. Each location will operate by the same schedule it did
prior to this transaction.
Your transferred deposits will be separately insured from any accounts
you may already have at BB&T for six
months after the failure of Colonial Bank. Checks
that were drawn on Colonial Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 1-800-405-8739.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with BB&T as long as
the deposits are not pledged as collateral for loans. You may view more
information about BB&T by visiting their web site.
The Automated Teller Machines (ATM) and online service will remain available.
During regular business hours,
you may continue to use the services to which you previously had access,
safe deposit boxes, night deposit boxes, wire services,
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, August 14, 2009, will
be paid at your same rate. BB&T will
be reviewing rates. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
The FDIC, as Receiver for Colonial Bank, has transferred servicing of Colonial’s mortgage loans from Taylor Bean & Whittaker to RoundPoint Mortgage Servicing Corporation. If you have any questions or wish to discuss your loan, please contact RoundPoint at 1-866-559-8717 or go to their website at www.RPMServicing.com/new_borrowers.html. You can email RoundPoint Mortgage Servicing at: firstname.lastname@example.org. You can also reach the FDIC toll-free at 1-800-405-8739.
For all questions regarding new loans and the lending policies of BB&T, please contact your branch office.
If you or your company provided a service or product, leased space, furniture,
or equipment to Colonial Bank after Friday, August 14, 2009 and have not
been paid you do not have a claim against Colonial Bank. Please follow your
normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company
provided a service or product, leased space, furniture, or equipment to Colonial Bank prior to Friday, August 14, 2009 and have not been
paid you may be entitled to a claim against the
bank. If you provided a product to or a service for
Colonial Bank prior to the bank's failure for which you have not
been paid and you have not received communication, please
Federal Deposit Insurance Corporation
Receiver: Colonial Bank 1601 N. Bryan Street Dallas, TX 75201-3430 Attention: Claims Agent
Please note: There are time limits for filing a claim,
your claim must be filed on or before 11/19/2009.
All shares of Colonial Bank were owned by its holding company, The Colonial BancGroup, Inc., Montgomery, AL. The holding company was not included
in the closing of the bank or the resulting receivership. If
you are a shareholder of Colonial Bank, please do not contact or file
a claim with the Receiver. You may contact Colonial BancGroup, Inc.,
directly for information at:
Determination of Insufficient Assets to Satisfy Claims Against Financial Institution in Receivership
On April 15, 2013, the FDIC determined that the assets of Colonial Bank were insufficient to pay claims below the depositor class and, therefore, all non-deposit claims had no value (the “Determination”). The FDIC has since withdrawn the Determination because potential recoveries from the receivership’s pending litigation have been revised upward as a result of changed circumstances, thereby creating the possibility that all higher-priority deposit claims could be paid in full. Consequently, under the most favorable circumstances, it is theoretically possible for recoveries to result in payment on non-deposit claims. Please be aware that the FDIC’s withdrawal of the Determination does not mean that there will be assets available to the Receiver in the future to make payment on your claim, but only that the possibility theoretically exists.
If you feel that you have been disadvantaged in any way by the FDIC’s now-withdrawn Determination, please contact an FDIC claims agent at the address provided above.
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.