Colonial Bank to acquire Jefferson Bank of Miami Beach, Fla.MONTGOMERY, Ala.--(BUSINESS WIRE)--Sept. 12, 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 E. Lowder along with Jefferson Bancorp, Inc. Chairman Arthur H Arthur Higelin (born Paris, France, 27 March 1966), better known under his stage name Arthur H, is a pianist, songwriter and singer. He is the son of the French singer Jacques Higelin and Nicole Courtois. . Courshon jointly announced today that the companies have signed a letter of intent to merge Jefferson Bancorp into Colonial BancGroup. Jefferson Bancorp's subsidiary Jefferson Bank of Florida based in Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , Fla. will be merged into BancGroup's Florida subsidiary, 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. , headquartered in Orlando. Colonial will exchange sufficient stock to equal $18.90 per share for Jefferson's outstanding shares, a total value of $71.65 million. In addition, Colonial will assume Jefferson's options based on the $18.90 price per share which will bring the total value to approximately $76 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 Jefferson had $440 million in assets, $36 million in capital, and trust assets of approximately $200 million under management. Jefferson currently operates nine offices located in Dade, Broward and Palm Beach counties. "I am very pleased to have an agreement with such a well-established institution. This combination furthers Colonial's long-term strategy to create a significant banking institution in attractive Florida markets. We are very excited about the growth potential in South Florida and the opportunity to offer trust services to our existing Florida customers," said Lowder. "I am enthusiastic about the prospects for our merged companies. We are proud of the services Jefferson Bank of Florida has provided to our community over its 32-year history and are excited about joining Colonial BancGroup which has a strong reputation for community banking," said Arthur Courshon of Jefferson Bancorp. Charlie Brinkley, President and CEO of Colonial Bank in Florida said, "We are very excited about bringing Jefferson Bank as well as its President Bart Goldberg on board with Colonial. We couldn't have chosen a more reputable banker in Florida than Bart Goldberg to have on our team. We are also proud to have Bart joining our organization as the current President of the Florida Bankers Association." Completion of the transaction is subject to approval by various regulatory bodies and Jefferson Bancorp's shareholders. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery, Ala. 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, Montgomery Flake Oakley, 334/240-6035 Walter Hargrove, 334/240-5590 or Colonial Bank, Orlando Charlie Brinkley, 407/481-8833 or Jefferson Bancorp, Inc. Barton S BARTON, old English law. The demesne land of a manor; a farm distinct from the mansion. . Goldberg, 305/535-9300 |
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