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Article: Deal Shows Colonial's High-Growth Area Focus.(Colonial BancGroup Inc. acquires Palm Beach National Holding Co.)(Brief Article)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- May 29, 2002
- Author:
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Trying to add heft in a wealthy and fast-growing Florida market, Colonial BancGroup Inc. said Tuesday that it is buying Palm Beach National Holding Co. for about $105 million in stock.
"Our strategy has been, over the past several years, to establish ourselves in high-growth markets -- Dallas, Nevada, various markets in Florida," Flake Oakley, Colonial's chief financial officer, said in an interview. "Now our plan is to create some additional depth in those footprints."
The deal was Colonial's third in Florida since last fall. In a pair of transactions completed in October, it bought nine branches in the Tampa and Naples from Union Planters Corp. of ...