Capital from a client of Locke Lord Bissell & Liddell partner Philip A. Cooper may rescue Alabama’s Colonial Bank from the doldrums caused by the collapse of the U.S. housing market.
In an agreement announced earlier this month, Cooper’s client, Taylor, Bean & Whitaker Mortgage Corp., would lead an investor group in acquiring $300 million in convertible preferred stock from Colonial BancGroup Inc., Colonial Bank’s parent. The Taylor Bean-led investor group would then own about 75 percent of Colonial BancGroup’s common stock.
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