Colonial Bank Merges with First Commerce Bank and Great Southern Bank in Florida.MONTGOMERY, Ala.--(BUSINESS WIRE)--July 2, 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, Chief Executive Officer and President Robert E. Lowder announced today that Colonial has completed its mergers with First Commerce Banks of Florida, Inc., Winter Haven Winter Haven, resort city (1990 pop. 24,725), Polk co., central Fla; settled 1883. It is a marketing, processing, and shipping center for one of the state's chief citrus-fruit regions, with fruit-canning plants and packing houses. , and Great Southern Bancorp, West Palm Beach. First Commerce had consolidated assets of $106 million at March 31, 1997 and currently operates five offices in Polk County Polk County is the name of twelve counties in the United States, all except two named after president of the United States James Knox Polk:
"We are very pleased to bring these well-run institutions into Colonial's Florida operations. First Commerce will add additional strengths to Colonial's Central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. region headquartered in Orlando," said Lowder. "Polk County is located between Orlando and the Tampa Bay Tampa Bay, inlet of the Gulf of Mexico, 25 mi (40 km) long and 7 to 12 mi (11.3–19 km) wide, W Fla., separated from the Gulf by numerous small islands; it receives the Hillsborough River. St. area, two of the highest growth markets in the state. Likewise, the Great Southern merger allows Colonial to expand its South Florida region into Palm Beach County, one of the premier banking markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . These two banks will bring Colonial's total assets in Florida to approximately $1.5 billion at June 30, 1997." Lowder also announced today that Colonial Bank has merged its Tennessee, Georgia and Florida banks into the Alabama bank. Previously, the banks have operated separately in these states due to legal restrictions in interstate banking. However, legislation allowing banks to operate in multiple states from a single state headquarters became effective last month. "This change will not affect Colonial's community-based style of banking in which local management decisions are of primary importance. It simply gives Colonial more flexible merger capabilities and reduces regulatory supervision to the Federal Reserve and the State of Alabama Banking Department," said Lowder. Colonial BancGroup is a multi-state holding company headquartered in Montgomery, Ala. with assets over $6 billion and 181 full service offices in Alabama, Florida, Georgia and Tennessee. It 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 or Sarah Moore, 334/240-6185 or Colonial Bank, Orlando Charlie Brinkley, 407/481-8833 |
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