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Colonial Bank

Colonial Bank - News

Business Briefs: Colonial Bank appoints Balsama
Most recently, Balsama was vice president, commercial lending at RBS, Citizens Bank in Haddon Heights. He also has served as vice president, commercial lending at GCF Bank in Sewell, and as senior vice president, commercial lending at Cornerstone 

Kelly King wins high marks for BB&T leadership over past five years
He did that even while taking over and integrating one of the largest bank failures in U.S. history, Colonial Bank. King's commitment to product and services diversification enabled BB&T to become one of the nation's largest insurance providers, as

Drunk, broke and obsessed with sex, the British Tommies of 1914 were unlikely ...
Drunk, broke and obsessed with sex, the British Tommies of 1914 were unlikely ... Lucy recorded in There's A Devil In The Drum, his memoir of service with the colours, that his platoon included: “an ex-divinity student with literary tastes, who drank much beer; and a man who had absconded from a colonial bank”. Some recruits have

police describe National Penn Bank robbery suspect
police describe National Penn Bank robbery suspect The Colonial Regional Police Department has released security photos of a man they say robbed the National Penn Bank on Schoenersville Road today in Hanover Township, Northampton County. The male, in his 20s or 30s standing at about 5-foot, 

Colonial Bank In Orlando Raided

Federal agents raided a Colonial Bank in Orlando and a mortgage company in Ocala.

PwC to Pay $335 Million to Settle Negligence Claim Over Colonial Bank Audits

The settlement is significantly lower than the $625.3 million a federal judge ordered the firm to pay the regulator in July.

Martin Gruenberg, an FDIC board member and its former chairman, dissented from the settlement because it did not require PwC to admit liability.

The FDIC had sued the company in its role as receiver for Colonial Bank, which once had over $25 billion in assets and 340 branches.

At the time, PwC had argued that the FDIC could recover $306.7 million at most, and that no damages were justified because numerous Colonial employees had interfered with its audits.

U.S. District Judge Barbara Rothstein ruled in July that PwC failed to identify a long-running fraud between the bank and its largest customer, the mortgage lender Taylor, Bean & Whitaker. Both failed in 2009, and the FDIC alleged the bank helped Taylor conceal overdrawn accounts.

“PricewaterhouseCoopers LLP and the Federal Deposit Insurance Corporation as Receiver for Colonial Bank have settled professional negligence claims brought by the FDIC-R against PwC to their mutual satisfaction,” PwC said in a statement.

PwC reaches $335 million settlement with FDIC over Taylor, Bean & Whitaker/Colonial Bank audits

But, late last week, the two sides announced that they’d reached a settlement in the matter that will see PwC pay $335 million to the FDIC for its role in the TBW affair.

That amount is much closer to the $306.75 million that PwC originally contended it should pay the FDIC, rather than the $625 million awarded to the agency by District Judge Barbara Jacobs Rothstein.

And the FDIC agreed to the settlement over the objections of former FDIC Chair Martin Gruenberg , who still serves on the FDIC board of directors.

Gruenberg issued a statement through the FDIC, in which he stated that he did not vote to approve the settlement because the settlement did not require PwC to admit liability in the matter.

“As a result of its failure to follow required auditing standards, PwC did not detect that hundreds of millions of dollars of assets claimed by Colonial did not in fact exist, had been sold to others, or were worthless. If PwC had complied with auditing standards, it would have discovered the fraud, the fraud would have been stopped, and the damages to Colonial Bank would have been limited,” Gruenberg said in his statement.

What is going to happen to Colonial Bank's current stockholders?

I have some stock of Colonial Bank and I want to know what happens in this kind of situations and when the bank is being bought by another. Thanks!