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Article: Colonial Bank to enter Florida with purchase of Southern Bank of Central Florida in Orlando.
- Article from:
- Business Wire
- Article date:
- December 21, 1995
CopyrightCOPYRIGHT 1995 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MONTGOMERY, Ala.--(BUSINESS WIRE)--Dec. 21, 1995--Colonial BancGroup (NYSE:CNB) Chairman of the Board, CEO and President Robert E. Lowder along with Southern Banking Corporation Chairman J. Donald Prewitt and Charlie W. Brinkley, Jr., President and CEO, jointly announced today that the companies have entered into a letter of intent to merge Southern Banking Corporation into Colonial BancGroup.
Southern Banking Corporation's subsidiary Southern Bank of Central Florida based in Orlando will become a wholly-owned subsidiary of Colonial BancGroup. Colonial will exchange 1,632,653 shares of its' common stock, with a market value of approximately $50 million, for all of ...