Colonial buys 2 offices of failed Alabama S&L.

PHENIX CITY, Ala. -- Colonial Bancgroup has purchased two Phoenix City locations of First Federal Savings and Loan Association of Russell County from the Resolution Trust Corp.

Montgomery-based Colonial said it assumed about $55 million in deposits and holds an option to purchase about $50 million in loans from the Russell County thrift, which was taken over by the RTC last year.

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