U.S. federal agents executed a pair of search warrants at two separate bank offices in Florida on Monday, including one owned by Colonial BankGroup Inc. (CNB).

The Special Inspector General overseeing the U.S. government's $700 billion Troubled Asset Relief Program said in a statement that agents had executed the search warrants, but did not offer additional details.

Colonial spokeswoman Merrie Tolbert confirmed that one of the two buildings searched is one of the Montgomery, Ala.-based bank's offices in Orlando, Fla. Tolbert said Colonial is cooperating with federal agents and that the search would have no effect on the bank's day-to-day-operations.

-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com