Charlotte, N.C.-based Bank of America sued Colonial as means to protect its claim on Colonial loans, because it feared Colonial's future was in question.
(August 13, 2009)
BofA Sues Colonial Bank For $1B In Cash, Loans
http://www.wftv.com/money/20385387/detail.html
What assets??? LOL
Colonial was just taken over by the FDIC
http://hosted.ap.org/dynamic/stories/U/US_COLONIAL_BANCGROUP_FAILURE?SITE=FLTAM&SECTION=BUSINESS
It doesn't matter what promises the FDIC made to get them to take it, but the Feds will renege in a heartbeat and send in the SWAT teams to take them down, and maybe put a few of them in jail for good measure.
The purpose of current federal policy is to protect the guilty and punish the innocent.