Colonial Bank and Great Southern Bank sign definitive agreement.MONTGOMERY, Ala.--(BUSINESS WIRE)--March 7, 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, 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 Great Southern Bancorp Chairman C. Robert Stock jointly announced today that the companies have signed a definitive agreement regarding the merger of Great Southern Bancorp into Colonial. Great Southern Bancorp's subsidiary, Great Southern Bank, will also be merged into BancGroup's Florida bank and become a part of Colonial's South Florida region. The parties had previously signed a letter of intent on Feb. 20, 1997. Colonial will exchange sufficient common stock to equal $13.05 per share for Great Southern's outstanding shares, a total value of $20.76 million. In addition, Colonial will assume Great Southern options based on the $13.05 price per share which will bring the total value to approximately $22.6 million. The transaction will be a tax-free reorganization and 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 Dec. 31, 1996, Great Southern, headquartered in West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. , had assets of $120 million, capital of $10 million and earnings of $1.2 million. Great Southern operates three offices in the greater West Palm Beach area and plans to open two additional offices in April 1997. Completion of the transaction is subject to approval by various regulatory agencies and Great Southern's shareholders. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery, Ala. with assets of $6 billion, including pending acquisitions, and 163 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, Montgomery Flake Oakley, 334/240-6035 or 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. , Orlando Charlie Brinkley, 407/481-8833 or Great Southern Bank C. Robert Stock, 561/683-1600 |
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