Colonial Bancgroup Inc.

Colonial BancGroup Inc. was a $26 billion bank holding company headquartered in Montgomery, Alabama, USA. Colonial BancGroup, Inc. (BancGroup) was a financial services company that, through its subsidiaries, provided diversified services, including retail and commercial banking, wealth management services, mortgage banking and insurance. The company ran into problems after it was revealed that it had bought $1 billion in mortgages from Taylor, Bean & Whitaker that Taylor Bean did not own in one of the biggest fraud cases in history. The principal activity of the BancGroup was to supervise and coordinate the business of its subsidiaries, and to provide them with capital and services. The BancGroup derived substantially all of its income...