Colonial Bank to acquire Fort Brooke Bank in the greater Tampa area.MONTGOMERY, Ala.--(BUSINESS WIRE)--Sept. 24, 1996--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 F. 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 signed a letter of intent to merge Fort Brooke Bancorporation into Colonial BancGroup. Fort Brooke's subsidiary, Fort Brooke Bank headquartered in Brandon, Fla. will be merged into Colonial's Florida bank. Colonial will exchange sufficient stock to equal $31.50 per share for Fort Brooke's outstanding shares, a total value of $31.7 million. In addition, Colonial will assume Fort Brooke's options based on the $31.50 price per share which will bring the total value to approximately $33.6 million. 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 June 30, 1996 Fort Brooke had $186 million in assets, $16.3 million in capital, and earnings of $1 million. Fort Brooke currently operates eight offices in the greater Tampa market located in Brandon, Apollo Beach, Plant City, Seffner and Tampa. "We are excited about expanding to 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 of the state with the team at Fort Brooke. This acquisition represents another step in Colonial's long-term strategy to expand our regional community banking approach in attractive Florida markets," said Lowder. "Colonial will be a perfect match for everyone at Fort Brooke," said Eatman. "They stress the importance of banking being a `people' business which closely mirrors our `People to People' approach to banking. We are very excited about helping Colonial bring this style of banking to even more customers in the Tampa Bay market." Completion of the transaction is subject to approval by various regulatory bodies and Fort Brooke's shareholders. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery with assets of $4.7 billion and 132 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, Inc., Montgomery Flake flake an epidermal scale. flake Cocaine, see there Oakley, 334/240-6035 Walter Hargrove, 334/240-5590 Cindy Clark, 334/240-5008 or Fort Brooke Bank Richard Eatman, 813/685-2000 |
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