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Article: Alabama-Based Colonial Bancgroup to Buy Florida's Palm Beach National.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- May 29, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. 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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By Stephen Pounds, The Palm Beach Post, Fla. Knight Ridder/Tribune Business News
May 29--An Alabama-based bank is gobbling up Palm Beach National Holding Co. in a stock deal valued at $105.5 million, the banks said Tuesday.
Buying Palm Beach National, the parent of Palm Beach National Bank & Trust, would give Colonial Bancgroup of Montgomery, Ala., eight more Palm Beach County offices. It now operates five. It also would add 125 employees to its 257 in South Florida.
Palm Beach National has offices in Palm Beach, West Palm Beach, North Palm Beach, Jupiter, Palm Beach Gardens and Lantana, while Colonial operates branches in Boca Raton, West ...