Colonial BancGroup Completes P.C.B. Bancorp Acquisition.

Business Editors

MONTGOMERY, Ala.--(BUSINESS WIRE)--May 19, 2004

Colonial BancGroup (NYSE:CNB) Chairman and CEO Robert E. Lowder announced today that the Company completed its merger on May 18, 2004 of P.C.B. Bancorp, Inc. ("PCB") which has four banking subsidiaries: Premier Community Bank of South Florida (Ft. Lauderdale), Premier Community Bank of Florida (Largo), Premier Community Bank of Southwest Florida (Ft. Myers) and Premier Community Bank (Venice) into Colonial BancGroup. At the closing of the merger, PCB had assets of approximately $697 million, loans of $493 million and deposits of $549 million.

The completion of this merger brings Colonial's assets in Florida to approximately $8.2 billion, representing 47% of the Company's total assets, 54% of its non-time deposits and 49% of total deposits.

"We are pleased to have PCB join Colonial," said Mr. Lowder. "This merger represents a great banking opportunity for PCB customers by giving them a new breadth of services and access to 124 branches and 123 ATMs in the State of Florida."

Colonial BancGroup, a multi-state bank holding company headquartered in Montgomery, Alabama, has assets of approximately $17.2 billion and operates over 296 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.

Pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the reader is cautioned that this announcement may contain "forward looking statements" regarding Colonial's future performance which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.