Colonial Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
PwC audit litigation
Claims concerning the adequacy of PwC's audits of Colonial Bank were pursued after the bank's collapse. The FDIC, acting as receiver, announced a $335 million settlement with PwC in 2019 concerning professional-negligence claims.
2009
Taylor, Bean & Whitaker mortgage fraud
A multiyear scheme involving Colonial mortgage-warehouse personnel and Taylor, Bean & Whitaker executives used concealed overdrafts and fictitious or unsupported mortgage-loan transactions to overstate the value of assets recorded by Colonial. Catherine Kissick admitted participating in the scheme, and Taylor, Bean & Whitaker chairman Lee Farkas was later convicted of fraud. The affair contributed directly to Colonial Bank's failure.