TRUIST FINANCIAL CORP acquires Colonial Bank (banking operations)

TRUIST FINANCIAL CORP acquired Colonial Bank (banking operations) for NULL ($22 billion net assets acquired; $20 billion deposits assumed), a transaction completed in August 2009, structured as FDIC-assisted purchase and assumption with loss-sharing. The deal was a Asset purchase (FDIC-assisted).

Colonial Bank (banking operations) operates in Commercial & retail banking - Southeast, is based in Montgomery, Alabama (operations across Alabama, Florida and Georgia). In an FDIC-assisted transaction, BB&T acquired the banking operations of Colonial Bank of Montgomery, AL after Alabama regulators closed the bank and named the FDIC as receiver. BB&T acquired approximately $22 billion in net assets and assumed approximately $20 billion in deposits, with the FDIC and BB&T entering a loss-sharing agreement covering substantially all acquired loans and securities. It was BB&T's largest acquisition in its then-137-year history.

An exciting growth opportunity gaining solid market share in great markets in Alabama, Florida and Georgia with minimal asset risk because of the FDIC loss-sharing agreement.

Moved BB&T to #4 deposit market share in Alabama and #5 in Florida; created the nation's eighth-largest financial holding company by deposits with minimal asset risk via FDIC loss-sharing. Colonial banking operations integrated into BB&T; holding-company assets and Taylor, Bean & Whitaker-related items excluded.

Advisory firms were not disclosed for this transaction.