Regulators Friday shut down Colonial BancGroup Inc., a giant lender whose collapse marked the nation's biggest bank failure in a year that saw 74 federally insured banks close their doors.
Colonial's 346 branches nationwide will reopen Saturday as BB&T offices, the Federal Deposit Insurance Corp. told the AP.
U.S. & World
Regulators also shut down Dwelling House Savings and Loan Association, a Pittsburgh thrift that had $13.4 million in assets, some of which will be assumed by PNC Financial Services Group.
Twenty-five banks failed last year -- and only 3 collapsed in 2007.