Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Colonial Bank

August 14, 2009
Maximum Amount: 
$20.00 billion
Amount Spent: 
$2.80 billion
Deficit Impact: 
$2.80 billion

BB&T acquired the banking operations of Colonial Bank after the Office of Thrift Supervision closed the bank and named the FDIC as receiver. The FDIC has insured all individual deposits up to $250,000. This bank closing was the largest of 2009.


FDIC Release


Although FDIC costs are counted on-budget, they should eventually be offset by proceeds from the sale of liquidated assets and higher premiums for deposit insurance. Maximum amount indicates value of total bank deposits. Amount spent and deficit impact represent FDIC-estimated cost to deposit insurance fund.

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