Colonial Bank
Date:
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.
Source:
Notes:
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.