On the surface, Colonial BancGroup Inc. would appear to be an ideal candidate for the latest version of the Treasury Department's Capital Assistance Program, which is specifically designed to help weaker companies.

But analysts say the $26 billion-asset Montgomery, Ala., company, heavily exposed to Florida's ailing real estate market, is stuck right where it is — in no man's land. In November it had sought aid under the Capital Purchase Program, a predecessor to the Capital Assistance Program that was intended to spur lending at strong companies.

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