Alabama’s Colonial BancGroup, the holding company that controlled Colonial Bank, is working its way out of bankruptcy. Colonial was one of three Alabama banks which failed during the recent economic meltdown; when it went under, it had approximately $25 billion in assets.
As of last month, though, the company had negative $321 million in assets and only three employees. Despite it all, though, Colonial BancGroup remains a viable business and is diligently working its way out of its debt.
Colonial Bank was seized by bank regulators on August 14, and the group filed for bankruptcy on August 25.
If you or someone you love is facing economic hardship, contact the Birmingham bankruptcy attorneys of Greenway Law today by calling (205) 324-4000.