Synopsis from the St. Pete Times, Thursday, Aug 13, 09:
"Colonial Banc Group of Alabama advised the SEC that it will not be able to file its 2Q09 financial because of allegedly accounting irregularities being investigated by the Justice Depmt, at is mortgage warehouse lending unit in Orlando. . Colonial has previously reported 26 billion in assets, and has 335 branches in Florida, Alabama, Georgia, Texas and Nevada."
We currently transferring our funds from Colonial to Schwab. However, the funds that are still in Colonial are protected by a combination of FDIC Insurance and CDARS (bundled CD's).
For additional information refer to blog posts:
1. President/Property Mgr's Meeting, Aug 12, 09;
2. Minutes of the Aug 7, 09 Board Meeting.
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