Bank Independent to Acquire Thirteen Branches of Colonial Bank in Northwest Alabama.MONTGOMERY, Ala. -- Bank Independent President Macke Mauldin and Colonial BancGroup Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert E. Lowder jointly announced today that the companies have entered into a branch purchase and assumption agreement for Bank Independent to acquire thirteen branches of Colonial Bank Colonial Bank, a subsidiary of Colonial Bancgroup Inc. NYSE: CNB, is headquartered in Montgomery, Alabama. Colonial Bank has 300 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. Its common stock is traded on the NYSE under the symbol CNB. in northwest Alabama. The acquisition by Bank Independent will include the Colonial offices in Florence and Lexington in Lauderdale County Lauderdale County is the name of several counties in the United States:
"We are extremely excited about this new endeavor which will solidify our commitment to the North Alabama market," said Macke Mauldin, President of Bank Independent. "We have and will continue to invest our resources in North Alabama, both in our current markets, as well as in these new markets. We are certain that these new customers will appreciate the personal financial service available through Bank Independent, including the convenience of extended banking hours and Saturday banking." When the acquisition is complete, Bank Independent will have total assets in excess of $750 million. Bank Independent currently has 15 offices located in Colbert, Lauderdale, Morgan and Limestone Counties. This acquisition will effectively double the deposits of Bank Independent as well as add Bank Independent offices in the communities of Lexington, Red Bay, Russellville, Moulton and Hartselle. Colonial BancGroup Chairman and CEO Robert E. Lowder said, "Colonial continues to focus on high growth markets in Alabama and elsewhere. This transaction furthers our strategy of optimizing our branch network and redeploying our corporate resources to maximize our growth opportunities." Completion of the transaction with Colonial is subject to approval by various regulatory agencies. Colonial BancGroup, a multi-state bank holding company headquartered in Montgomery, Alabama, has assets of approximately $20 billion and operates 317 offices in Florida, Alabama, Georgia, Nevada, and Texas and is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) . In most newspapers the stock is listed as ColBgp. |
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