BB&T reportedly makes deal for troubled Colonial Bank

Signs that regional giant Colonial Bank was in dire straits have abounded for weeks. Today, regulators reportedly decided to step in after reaching an agreement to sell the Montgomery, Alabama–based bank's $20 billion in deposits and more than 350 branches to BB&T Corp. (BBT).

This would be a logical purchase for BB&T, based in Winston-Salem, North Carolina. A voracious acquirer of smaller rivals with a strong presence throughout the Southeast, BB&T has already bought another failed bank from the Federal Deposit Insurance Corp. -- Georgia's Haven Trust Bank, which it snapped up in December.