Colonial Bank (United States)

Colonial Bank
Company typeSubsidiary bank
IndustryFinancial Banking Services
GenreFinancial services
Founded1981
FounderBobby Lowder
DefunctAugust 14, 2009 (2009-08-14)
FateDeclared insolvent by Alabama State Banking Department, which seized the failed bank and appointed the FDIC to be its receiver, which in turn sold the banking assts to BB&T
Headquarters,
Area served
Alabama, Georgia, Florida, Tennessee, Louisiana, Missouri, Nevada, Texas
Key people
Bobby Lowder
Total assets$26 billion
Number of employees
< 10,000
ParentColonial BancGroup
Websitecolonialbank.com

Colonial Bank, formerly a subsidiary of Colonial BancGroup, was headquartered in Montgomery, Alabama. Colonial Bank had 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas.

Colonial's assets had grown from $166 million in 1981 to $26 billion. Colonial expanded from its base of Alabama to fast-growing regional markets such as Florida, Georgia, Texas, and Nevada. Colonial Bank was the fifth-largest commercial bank in Florida and 27th-largest commercial bank in the USA. Colonial Bank was frequently the target of rumors that it would be acquired by a larger bank.