The hits just keep coming:
Troubled Colonial BancGroup will be bought by rival BB&T Friday, the government said after state regulators closed the bank whose assets had been frozen by a federal judge.
The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas, is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.
With $25 billion in assets and $20 billion in deposits, Colonial is 100 times larger than the typical bank to have failed this year…
…The failure of Colonial is another blow to the FDIC trust fund, which has had to cover 77 bank failures so far in 2009 — including four more late Friday…
They are failing because people aren’t paying their loans – home mortgages and, increasingly, commercial mortgages. Anyone who thinks we’ve bottomed out is a complete fool – we’ve got stock market bubbles and government spending-forced GDP “gains”, but the real economy is sliding rapidly in to depression. It’ll be years before we crawl out of this – and the more we go with liberalism, the longer it will be take and the poorer we’ll get.
UPDATE: And the question is asked: Is the FDIC broke?
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