Colonial BancGroup to Acquire First Central Bank, St. Petersburg, Florida.MONTGOMERY, Ala.--(BUSINESS WIRE)--Sept. 10, 1997--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 First Central Bank Chairman, E. Ralph Crawford, jointly announced today that the companies have signed a definitive agreement to merge First Central Bank, St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. , with Colonial Bank. Colonial will exchange sufficient stock to equal $62.46 per share for First Central Bank's outstanding shares, a total value of $22 million. The transaction will be accounted for as a pooling-of-interests. First Central, with assets of $54,724,000, currently operates one banking office in St. Petersburg. Also noteworthy, at Dec. 31, 1996 the bank had a return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). of 2.85% and return on equity of 17.90%. "We are pleased to have this agreement with such a high performing, well-run institution," said Lowder. "It is also exciting to be entering the St. Petersburg market. First Central will be a good addition to our existing Bay Area region headquartered in Brandon, Florida." "I am excited about the proposed transaction with Colonial Bank," said Ralph Crawford. "Colonial has a strong, community bank philosophy; therefore, I think this transaction will be in the best interests of our customers, employees and shareholders." Colonial BancGroup is a multi-state bank holding company headquartered in Montgomery, Ala. with assets of $6.5 billion and 181 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, Montgomery Flake Oakley, 334/240-5060 Sarah H. Moore, 334/240-5062 or First Central Bank Ralph Crawford, 813/347-0197 |
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