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Article: Colonial BancGroup to Acquire Palm Beach National Bank.
- Article from:
- Business Wire
- Article date:
- May 28, 2002
CopyrightCOPYRIGHT 2002 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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Business Editors
MONTGOMERY, Ala.--(BUSINESS WIRE)--May 28, 2002
Colonial BancGroup Chairman and CEO Robert E. Lowder announced today that Colonial has entered into a definitive agreement to acquire Palm Beach National Holding Company and its banking subsidiary, Palm Beach National Bank & Trust Company, headquartered in Palm Beach, Florida. The transaction will be a stock for stock exchange at a price of $50 per share for each share of Palm Beach National stock, subject to certain market pricing conditions of Colonial's stock, resulting in a total value of approximately $105.5 million.
Palm Beach National Bank & Trust Company was established in ...