Troubled community bank Colonial Bank, a subsidiary of Colonial BancGroup Inc., has agreed to sell some of its assets as part of a series of transactions by an empty-shell company known as Global Consumer Acquisition Corp., according to a press release issued Tuesday.

Colonial BancGroup, whose shares were recently up 14.3% at 72 cents premarket, and Colonial Bank, whose bond ratings were cut last month, have agreed to sell their Nevada branch operations and certain assets to Global Consumer Acquisition, a blank-check company formed to acquire an operating business.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.