Ownership of Colonial BancGroup Inc. is poised to change hands.
Colonial announced late Friday that an investor group led by Taylor, Bean & Whitaker Mortgage Corp. had agreed to infuse $300 million of capital into the $26 billion-asset Montgomery, Ala., company.
The transaction, which would give the investor group a 75% stake in Colonial, needs regulatory approval.
Colonial has not complied with regulators' requirement that it raise capital levels, but it has been hoping that the transaction would clear the way for a $523 million infusion from the Treasury Department's Troubled Asset Relief Program.
Capital remains the overarching concern for Colonial, which lost $880.5 million last year and another $168 million in the first quarter.
About 46% of its assets are in Florida, where it was heavily involved in lending to residential developers.
Colonial did not return calls seeking comment.