Colonial Bank to expand its Atlanta base with purchase of Commercial Bank of Georgia.MONTGOMERY, Ala.--(BUSINESS WIRE)--Dec. 21, 1995--Colonial BancGroup Chairman of the Board, 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 and Commercial Bancorp of Georgia Chairman Richard L. Sikes Sikes can refer to: People
Commercial Bancorp's subsidiary, Commercial Bank of Georgia Bank of Georgia (Georgian: საქართველოს ბანკი, transliterated as 'sakartvelos banki') is a leading universal Georgian bank with operations in Georgia (country) and Ukraine. , will become a wholly-owned subsidiary of Colonial BancGroup. Colonial will exchange a sufficient number of shares to deliver a market value of $21.07 per share of Commercial, approximately $46 million, for all the outstanding shares and options of Commercial. The Georgia institution has total assets of $226 million and operates seven full-service offices located in Lawrenceville, Duluth, Alpharetta, Smyrna, Mableton and the Northridge and Clairmont Road Clairmont Road is a road that goes from Decatur to Chamblee in Metro Atlanta. It is an exit from I-85. It is also known as Georgia State Route 155 from Decatur to Buford Highway. It's also known as U.S. Highway 23 up to that point. U.S. areas of North Atlanta. "I am very pleased to have an agreement with such a well-run, profitable bank," said Lowder. "Commercial Bank will bring strong retail and commercial banking to our existing base in Atlanta. Their locations should fit well geographically with our current Colonial locations in Dunwoody, Buckhead and Kennesaw and Colonial Mortgage's 12,000-plus customers in the Atlanta market. Colonial has made a strategic commitment to expand our community banking management approach to the higher growth markets in the southeast." "I am excited about the proposed transaction with 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. ," said Sikes. "The north and west Atlanta markets have had tremendous growth over the last five years and I am confident that this growth will continue well into the future. Our customers and employees will find the merger beneficial because Colonial's community banking philosophy keeps local management and boards focused on their community and customers." Completion of the transaction is subject to approval by various regulatory bodies and Commercial's shareholders. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery with assets of $3.6 billion and 103 full service offices in Alabama, Tennessee and Georgia. 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) . In most newspapers, the stock is listed as COLBGP. CONTACT: Colonial BancGroup, Montgomery W. Flake flake an epidermal scale. flake Cocaine, see there Oakley, 334/240-6035 or Walter Hargrove, 334/240-5590 or Commercial Bancorp of Georgia Richard L. Sikes, 770/339-1900 |
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