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Failure of Big Alabama Bank Draws CU Business

Alabama credit unions Tuesday were already seeing a flow of new deposit and loan business as they capitalize on last Friday's collapse of the $25 billion Colonial Bank of Montgomery, the biggest failure in a year.

By Jim Rubenstein | Updated on August 17, 2009

Alabama credit unions Tuesday were already seeing a flow of new deposit and loan business as they capitalize on last Friday’s collapse of the $25 billion Colonial Bank of Montgomery, the biggest failure in a year.

While major CUs in the state were being careful about conducting outright promotions undermining or demeaning a financial competitor, managers were relishing banking’s in-state troubles, also highlighted by a series of large Wachovia Bank-type mergers, which CU officials claim are driving business to CUs.

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