Colonial Bank completes purchase of Mt. Vernon Federal; names Alan T. Romanchuck president and CEO.BancGroup Chairman of the Board Robert E. Lowder announced today that Friday, October 20, 1995, Mt. Vernon Financial Corp. of Atlanta, Georgia and Colonial BancGroup have completed the merger of Mt. Vernon Financial Corp. into Colonial BancGroup. Lowder also announced that Alan T. Romanchuck was named president and 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. of 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. , Georgia. Romanchuck has served as executive vice president of Colonial BancGroup for the past five years and has nearly 25 years of banking experience. Mt. Vernon's president, Tony Watts, has resigned to pursue other business interest. Colonial BancGroup will exchange .6712 shares of its common stock for each share of Mt. Vernon's financial stock. "We are pleased to complete this purchase of Mt. Vernon Federal," said Lowder. "We believe that Georgia, and the Atlanta market in particular, will offer excellent growth prospects for Colonial's community banking style. This merger will allow Colonial to expand its operations into a third state in the dynamic Southeast region." The Atlanta institution has total assets of $220 million with three full service Atlanta banking offices located in Dunwoody, Buckhead and the Town Center area. In addition, Mt. Vernon also has a mortgage loan production office in Gwinett County near the Gwinnett Place Mall Gwinnett Place Mall is a super-regional shopping center located in Duluth, GA in Gwinnett County.[1] For the first 16 years, Gwinnett Place was the leading mall in the region, drawing shoppers from as far away as South Carolina and centering what was then one of the . "Our plans are to change the name of Mt. Vernon Financial Corp.'s subsidiary, Mt. Vernon 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 , to Colonial Bank and to merge Mt. Vernon's systems with Colonial's effective November 10, 1995," said Alan Romanchuck. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery, Alabama with total assets of $3.6 billion and 100 full service offices in Alabama, southern Tennessee and Atlanta. 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 Alan T. Romanchuck, 770/379-8601 |
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