Update: Taylor, Bean & Whitaker / Colonial Deal Moves a Step Further

On Friday, May 22, 2009 Colonial BancGroup announced the due diligence requirement of its agreement with Taylor, Bean & Whitaker had been satisfied. Also announced, a last minute change to the deal had been agreed upon by the parties giving the go-ahead for an Amended Agreement for the investment group to provide the necessary $300 million in capital that will enable the ailing bank to access $500 million in Federal TARP funds.