Colonial Bank acquires Fort Brooke bank in the greater Tampa area.MONTGOMERY, Ala.--(BUSINESS WIRE)--April 22, 1997--Colonial BancGroup Chairman, 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 along with Fort Brooke Fort Brooke was a historical military post situated on the east bank (at the mouth) of the Hillsborough River in present-day Tampa, Florida. The Tampa Convention Center currently stands at the site. Fort Brooke as a military outpost The fort was named after Col. Bank President and CEO Richard H. Eatman jointly announced today that the companies have completed the merger of Fort Brooke Bancorporation with Colonial BancGroup. The transaction will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . At March 31, 1997, Fort Brooke had $212 million in assets. Fort Brooke currently operates eight offices in the greater Tampa market located in Brandon, Apollo Beach, Plant City, Seffner and Tampa. "We have worked hard to complete the merger with Fort Brooke in order to expand our community banking management approach to the higher growth markets in Florida. This transaction brings Colonial's total assets in Florida to $1.240 billion, a solid base to build upon throughout the state," said Lowder. "We have chosen Colonial as a partner for our organization because our banking philosophies are very similar. Colonial promotes excellent customer service, and their business programs for small to medium size businesses match well with Fort Brooke's strategies. We see our merger as an excellent opportunity to expand services and lending potential to more customers in Hillsborough County Hillsborough County is the name of two counties in the United States:
Colonial BancGroup is a multi-bank holding company headquartered in Montgomery, Ala. with assets of $6 billion and 171 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 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 most newspapers the stock is listed as ColBgp. CONTACT: Colonial BancGroup, Montgomery Flake Oakley, 334/240-5060 or Sarah Moore, 334/240-5062 or Fort Brooke Bank Richard Eatman, 813/685-2000 |
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