ABS

BB&T Gets Colonial Warehouse Assets, Except TBW’s

Published August 19, 2009 2:34 PM EDT 1 Min Read

BB&T has acquired all of the mortgage warehouse assets from the failed Colonial Bank, except for those associated with Taylor, Bean & Whitaker, a spokesman for the Federal Deposit Insurance Corp. said.

A BB&T spokeswoman added that the company is currently evaluating Colonial’s warehouse business. BB&T does have a warehouse lending business of its own, but it is very small, she said. In its statement on the Colonial acquisition, BB&T said it did not acquire any assets relating to TBW.

The FDIC spokesman said those assets are primarily mortgage loans and are currently involved in litigation.

Bank of America last week sued Colonial over $1 billion in collateral associated with TBW affiliate Ocala Funding.

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