Business Services Industry
Colonial BancGroup Completes P.C.B. Bancorp Acquisition
Business Wire, May 19, 2004
Business Editors
MONTGOMERY, Ala.--(BUSINESS WIRE)--May 19, 2004
Colonial BancGroup (NYSE:CNB) Chairman and CEO Robert E. Lowder announced today that the Company completed its merger on May 18, 2004 of P.C.B. Bancorp, Inc. ("PCB") which has four banking subsidiaries: Premier Community Bank of South Florida (Ft. Lauderdale), Premier Community Bank of Florida (Largo), Premier Community Bank of Southwest Florida (Ft. Myers) and Premier Community Bank (Venice) into Colonial BancGroup. At the closing of the merger, PCB had assets of approximately $697 million, loans of $493 million and deposits of $549 million.
The completion of this merger brings Colonial's assets in Florida to approximately $8.2 billion, representing 47% of the Company's total assets, 54% of its non-time deposits and 49% of total deposits.
"We are pleased to have PCB join Colonial," said Mr. Lowder. "This merger represents a great banking opportunity for PCB customers by giving them a new breadth of services and access to 124 branches and 123 ATMs in the State of Florida."
Colonial BancGroup, a multi-state bank holding company headquartered in Montgomery, Alabama, has assets of approximately $17.2 billion and operates over 296 offices in Florida, Alabama, Georgia, Nevada, and Texas and is traded on the New York Stock Exchange under the symbol CNB. In most newspapers the stock is listed as ColBgp.
Pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the reader is cautioned that this announcement may contain "forward looking statements" regarding Colonial's future performance which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- LIFO vs. FIFO: a return to the basics


