Colonial BancGroup files Chapter 11

Colonial BancGroup said it had 45 million of assets and 380 million of debts as of August 14,according to the filing.

The company collapsed after an aggressive foray this decade into Florida left it exposed to many losses from construction loans and foreclosures.

A planned 300 million outside investment from Taylor,Bean amp; Whitaker Mortgage Corp that could have shored up its capital base fell through last month. Taylor Bean itself filed for bankruptcy protection on Monday.

The Federal Deposit Insurance Corp,which arranged the sale of most of Colonial8217;s banking assets to BBamp;T,agreed to share with BBamp;T in losses on about 15 billion of those assets.

The Colonial case is In re Colonial BancGroup Inc,US Bankruptcy Court,Middle District of Alabama Montgomery,No. 09-32303.