On the other side of the coin, those overseeing TARP said Colonial won't receive the bailout money unless the bank finds an outside investor. The news article says it's uncertain whether TARP or Taylor, Bean will pay up first, leading to a standoff.
If everything goes according to Colonial BancGroup's plan, Taylor, Bean will become the majority shareholder in the company, which operates 351 branches in five states. This, of course, assumes that shareholders would agree, as the deal would require an issuance of new stock.
Read more about the proposed deal and Colonial BancGroup's troubled recent past in the Birmingham News.
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