Colonial Bank to acquire First Commerce Banks of Florida, Inc.MONTGOMERY, Ala.--(BUSINESS WIRE)--Feb. 18, 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 First Commerce Banks of Florida, Inc. Chairman Donald K. Stephens and President and CEO Robert W. Stickler stick·ler n. 1. One who insists on something unyieldingly: a stickler for neatness. 2. Something puzzling or difficult. jointly announced today that the companies have signed a letter of intent to merge First Commerce Banks of Florida, Inc. into Colonial. First Commerce's subsidiary, First Commerce Bank of 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:
First Commerce, headquartered in Winter Haven, Florida Winter Haven is a city in Polk County, Florida, United States. The population was 26,487 at the 2000 census. According to the U.S. Census Bureau's 2004 estimates, the city had a population of 27,855, making it the second most populated city in Polk County. , had consolidated assets of $106 million and capital of $10.6 million at December 31, 1996. The bank currently operates five offices in Polk County; two in Lakeland, one in 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. , one in Auburndale and one in Polk City. "We are very excited about expanding into Polk County. This area serves as a good connection of Colonial's recently established bank in Orlando and our pending acquisition of Fort Brooke Bank in the Tampa Bay area," said Lowder. "We are also pleased to get Bob Stickler on Colonial's management team. Bob's seventeen years in the Winter Haven area will be a true asset to Colonial's Central Florida operation." "Colonial will be a perfect match for everyone at First Commerce," said Stickler. "Colonial stresses the importance of banking as being a `people' business. I believe that this approach along with their community banking philosophy will be very beneficial to the Winter Haven market and throughout Polk County," said Stickler. Completion of the transaction is subject to approval by various regulatory agencies, First Commerce Bank's shareholders and the execution of a definitive agreement. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery, Ala. with assets of $6 billion 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, Orlando Charlie Brinkley, 407/481-8833 or First Commerce Bank of Florida Bob Stickler, 941/299-6072 |
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