Colonial BancGroup to Acquire Commercial National Bank in Daytona Beach, Fla.MONTGOMERY, Ala.--(BUSINESS WIRE)--March 27, 1998--Colonial BancGroup (NYSE NYSE See: New York Stock Exchange : 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) ) 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 along with CNB Holding Company (CNB Holding) Chairman, William T. Moore jointly announced today that the companies have signed a definitive agreement to merge Commercial National Bank (Commercial National) headquartered in Daytona Beach Daytona Beach (dātō`nə), city (1990 pop. 61,921), Volusia co., NE Fla., on the Atlantic coast and Halifax River (a lagoon); inc. 1876. Center of a rapidly urbanizing area, in a region settled by Spanish Franciscans in the 17th cent. , Fla., with 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. . Commercial National's holding company, CNB Holding, will be merged in BancGroup. Colonial will exchange sufficient stock to equal $191.40 per share of CNB Holding's outstanding shares, a total value of $28.5 million. The transaction will be accounted for as a pooling-of-interests. Upon regulatory approval and approval by CNB Holding's shareholders, the merger should be completed within four months. "We consider Colonial to have the same high standards of service as we have always offered at Commercial National Bank. It is anticipated that each of our customers will receive the same high level of personal service that they have received in the past," said Ray Thomas
Ray Thomas , President and CEO of Commercial National. At Dec. 31, 1997 CNB Holding had $83,273,000 in assets and $8,278,000 in capital. Further, CNB Holding recognized earnings of $1,467,000 for the year ended Dec. 31, 1997. Commercial National operates 4 branch offices located in the greater Daytona Beach area. "We are very excited to have Commercial National join our team. It will be a natural fit into our Central Florida Region and presents an opportunity to expand services and lending potential to more customers in Volusia County," said Mr. Lowder. Colonial BancGroup is a multi-state bank holding company headquartered in Montgomery, Ala. with assets of $7.6 billion and 228 full service offices in Alabama, Florida, Georgia and Tennessee. Its common stock 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. In most newspapers, the stock is listed as ColBgp. CONTACT: Colonial BancGroup Inc., Montgomery Flake Oakley, 334/240-5060 Sarah H. Moore, 334/240-5062 http://www.colonialbank.com or Commercial National Bank, Daytona Beach Ray Thomas, 904/761-5111 |
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