It also agreed to help BB&T buy a $15 billion portfolio of Colonial’s loans and other assets by agreeing to absorb more than 80% of future losses. Under the deal, the most BB&T can lose is $500 million, the bank says, and that is only in the unlikely event that the entire portfolio becomes worthless. The FDIC is on the hook to cover the rest.
Michigan, a bank holding company within the meaning of the Bank Holding Company Act (the " A c t " ) (12 U.S.C. 1841 et seq.), has applied for the Board’s approval under section 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to acquire The Citizens State Bank of Rudyard, Rudyard, Michigan ( " B a n k " ) .
The Colonial BancGroup, Inc. We represent The Colonial BancGroup, Inc. (CBG) , the second largest savings and thrift failure ever. We represent CBG in litigation against the FDIC as receiver for Colonial Bank, CBG’s former banking subsidiary, and BB&T Corp. concerning ownership disputes over more than $650 million in assets.
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Yeung lied about accounts receivable and inventory to secure an $11 million line of credit, resulting in losses to East West Bank of more than $9 million. east west bank received over $306 million in TARP funds and UCBH, the parent company of UCB, received $298.7 million in tarp funds prior to its failure in 2009 – less than one year after.
The FDIC, which took over Colonial Bank in August 2009 and sold most of its holdings to BB&T Corp. BBT, +1.97% has appealed that ruling to the U.S. District Court.
Whittle argued that BB&T’s maximum recovery in chapter 7 would have been $2.2 million, the amount of BB&T’s claim at the time of foreclosure. BFP v. Resolution Trust Corp. in BFP , a partnership formed for the purpose of buying a home defaulted on its mortgage payments, resulting in a foreclosure by the bank.