Wachtell advises BB&T on Colonial Bancgroup takeover

Wachtell, Lipton, Rosen & Katz represented BB&T in its acquisition of Colonial's 350 branches, mostly in the Southeast of the US. Simpson Thacher & Bartlett acted for Toronto Dominion, another bank that reportedly submitted bids to take over Colonial. Real estate lender Colonial BancGroup Inc. was shut down by federal officials last week in the biggest U.S. bank failure this year. The Federal Deposit Insurance Corp. (FDIC), which was named as receiver, has approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp.

Wachtell advises BB&T on Colonial Bancgroup takeover amlawdaily.typepad.com Tue, Aug 18, 2009