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Article: Blank-Check Firm's Deals Now Clouded.(Community Banking)(regulation for Colonial Bank selling to BB&T Corp.)
- Article from:
- American Banker
- Article date:
- August 18, 2009
- Author:
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Byline: Marissa Fajt
The impact of Colonial Bank's failure is rippling out to two other companies.
By seizing the Montgomery, Ala., unit of Colonial BancGroup Inc. on Friday and selling it to BB&T Corp., regulators nullified a contract that Colonial had made to sell 21 Nevada branches to a blank-check company, analysts said. Though BB&T has shown little interest in Nevada, analysts disagreed on whether the Winston-Salem, N.C., company was likelier to make good on Colonial's deal to sell them to Global Consumer Acquisition Corp., or put them up for auction itself.
Without those offices, Global Consumer's other proposed acquisition may be hard to ...