COLONIAL BANCGROUP : near deal for $300 million infusion

NEW YORK (Reuters) - Colonial BancGroup , is near a deal to get a $300 million capital infusion, which would put a new group of investors in control of the regional bank, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The newspaper, on its website, reported that the infusion would be spearheaded by Taylor Bean and Whitaker, a Florida-based mortgage lender. The deal would make Colonial, based in Alabama, a thrift.

The bank, which has about $26 billion in assets, must raise $300 million to qualify for $550 million of funds from the Treasury's Troubled Asset Relief Program.

(Reporting by Paul Thomasch; editing by Carol Bishopric)