Colonial Bank closed by regulators, BB&T takes over

It's official: BB&T Corp. (BBT) is taking over Colonial Bank, the foundering Montgomery, Ala.-based lender that's been on the brink of collapse for weeks.

Regulators shut down Colonial this evening. With $25 billion in assets and nearly 350 branches in Alabama, Florida, Georgia and Texas, it's the biggest of the 73 banks to fail so far this year.