Colonial BancGroup to acquire Dothan Federal Savings Bank.MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Nov. 21, 1995--Colonial BancGroup Chairman of the Board, Chief Executive Officer and President Robert E. Lowder and Dothan Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks Chairman William M. Lee jointly announced today that the companies have signed a letter of intent to merge Dothan Federal Savings Bank into 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. . The institution has total assets of $49 million and currently operates one full service location in Dothan. "We are very pleased to have an agreement with this well-established, profitable institution," said Lowder. "This agreement, along with Colonial's recent acquisition of Farmers & Merchants Bank of Ariton and agreement to purchase First Federal's Enterprise location, will help Colonial expand its operations into the southeast area of the state. We believe the Wiregrass wire·grass n. Any of various grasses, such as Bermuda grass, having tough wiry roots or rootstocks. area will be a good market for Colonial Bank and we look forward to serving the citizens in this growth area of the state." "I am excited about the proposed transaction with Colonial Bank," said Lee. "Colonial has a strong community bank philosophy; therefore, I think this transaction will be in the best interests of our customers, employees and shareholders. I look forward to Dothan Federal being a part of Colonial's expansion into the Wiregrass." The letter of intent states that Colonial BancGroup will acquire the outstanding stock of Dothan Federal for $5.2 million to be paid one-half in Colonial BancGroup common stock and one-half in cash. The purchase price represents 133% of Dothan Federal's June 30, 1995 year-end equity. The merger is subject to the negotiation of a definitive agreement and obtaining various regulatory approvals as well as approval by the shareholders of Dothan Federal Savings Bank. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery with assets of $3.6 billion and 102 full service offices in Alabama, Tennessee and Georgia. It is currently 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) . CONTACT: Colonial BancGroup, Montgomery Walter Hargrove, 334/240-5590 or W. Flake flake an epidermal scale. flake Cocaine, see there Oakley, 334/240-6035 or Dothan Federal Savings Bank, Dothan William M. Lee, 334/794-0410 |
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