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MONTGOMERY, Ala. - Regional bank Colonial BancGroup Inc. said Thursday its application for funding under a government plan to buy stock in U.S. banks is still pending.
| CNB | 2.19 |  -0.24 |
The company said it made the announcement to correct "misinformation in the marketplace."
Treasury Secretary Henry Paulson is using $250 billion of the $700 billion financial rescue fund to make direct purchases of bank stock. The government's aims to supply hundreds and potentially thousands of banks with extra capital in hopes that they will resume more normal lending.
The Montgomery, Ala.-based company has 344 branches in Florida, Alabama, Georgia, Nevada and Texas.
Shares rose 19 cents, or 11, percent to $1.95 in afternoon trading.
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