Comments on: Colonial Bank Offers 2.50% On 1-Year CDs

By: jmkeynes

jmkeynes — Fri, 31 Jul 2009 19:01:16 +0000

Colonial is currently operating under a cease and desist order from the FDIC and has been prohibited from taking in additional brokered deposits. Between the FDIC oorder and Colonial’s skyrocketing non-performing loans, I estimate this bank will be seized by the FDIC within months. Unless you want to deal with the hassle of retreiving your deosits from the FDIC or whatever bank Colonial gets merged into, you are better off putting your money elsewhere. This bank is dead, a zombie…The stock is trading at $0.60, down 98% from $25 a few years ago. Insolvent financial institutions do not deserve your money.

By: Quita

Quita — Mon, 27 Jul 2009 21:53:29 +0000

No, we are trying to increase our deposit base and do NOT want to be taken over.

By: Ben

Ben — Sat, 27 Jun 2009 17:33:44 +0000

You’re not the only one who sees this as unusual! In fact, I see it as downright alarming!!! How could a bank in their condition even consider offering above market rates? Perhaps they believe building their deposit base will make them a better take-over candidate.

By: tina

tina — Sat, 27 Jun 2009 16:19:31 +0000

Does it not seem unusual that they are offering better rates when they are in trouble with FDIC? Am I the only one this seems fishy too?