Colonial BancGroup to acquire The Union Bank in Evergreen, Alabama.MONTGOMERY, Ala.--(BUSINESS WIRE)--Nov. 5, 1996--Colonial BancGroup chairman of the board, 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. and president Robert E. Lowder announced today that the company has signed an agreement with Shamrock shamrock, a plant with leaves composed of three leaflets. According to legend it was used by St. Patrick in explaining the doctrine of the Trinity; it is now used as the emblem of Ireland. An artificial or real shamrock leaf is customarily worn on St. Patrick's Day. Holding, Inc., the holding company of The Union Bank, headquartered in Evergreen, Ala. to purchase Shamrock and The Union Bank. The Union Bank currently has $53 million in assets and operates five offices in Evergreen, Brewton, Castleberry, Repton and Greenville, Ala. "We are very excited about this agreement with The Union Bank. Union's locations in Butler, Conecuh, and Escambia counties of Alabama will enhance our current offices in neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. counties and allow us to better serve the communities in this area of the state," said Lowder. "I am excited about the proposed transaction 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. ," said Sam Kelly
Sam Kelly (born 19 December 1943 in Manchester) is an English actor. , chairman, president and CEO of The Union Bank. "Colonial has a strong, community bank philosophy; therefore, I think this transaction will be in the best interests of our customers and employees." Colonial intends to make an offer to the shareholders of Shamrock to purchase their shares for cash and, ultimately, to merge Shamrock and its bank subsidiary with Colonial. The agreement provides for an aggregate offer price of $11,782,000 and is subject to the receipt of regulatory approvals. The parties anticipate that the offer will be communicated to shareholders before year-end 1996 and that the transaction will be completed in the first quarter of 1997. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery with assets of $4.7 billion and 132 full service offices in Alabama, Florida, Georgia and Tennessee. Colonial BancGroup's 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 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) . In some newspapers the stock is listed as ColBgp. CONTACT: Colonial BancGroup, Montgomery Sarah Moore, 334/240-6185 or Cindy Clark, 334/240-5584 or The Union Bank Sam Kelly, 334/578-1612 |
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