Colonial BancGroup Completes FFLC Acquisition.

MONTGOMERY, Ala. -- Colonial BancGroup (NYSE:CNB) Chairman and CEO Robert E. Lowder announced that the Company completed its acquisition of FFLC Bancorp, Inc. and its subsidiary, First Federal Savings Bank of Lake County, on May 18th. This acquisition brings Colonial's Florida franchise to $7.8 billion in deposits and $10.8 billion in assets, or 58% of the Company's total deposits and 52% of its total assets, respectively, in the Sunshine State. This transaction is expected to make Colonial the fifth largest commercial bank in Florida.

Lake County, part of the Orlando MSA, is projected to be the second fastest growing large county (population over 200,000) in Florida over the next five years. This transaction should solidify Colonial's position as the fourth largest bank in the Orlando MSA with approximately 7.5% deposit market share.

Colonial BancGroup, a multi-state bank holding company headquartered in Montgomery, Alabama, has assets of approximately $20 billion and operates 322 offices in Florida, Alabama, Georgia, Nevada, and Texas and is traded on the New York Stock Exchange under the symbol CNB. In most newspapers the stock is listed as ColBgp.