Article: Palm Beach, Fla.-Based Bank Gets New Ownership.

By Deborah Circelli, The Palm Beach Post, Fla. Knight Ridder/Tribune Business News

Sep. 5--PALM BEACH, Fla.--Palm Beach National Bank & Trust Co. branches will have a new name and look next month.

Colonial BancGroup Inc., (NYSE: CNB, $13.57), said Wednesday that it closed its deal to buy privately held Palm Beach National Holding Co. and its subsidiary, Palm Beach National Bank, for $105 million.

The transaction, a stock-for-stock exchange where Colonial paid $50 a share in stock for each Palm Beach National share, creates a $13.7 billion banking company.

Colonial, already the sixth-largest bank in Florida, with more than 100 ...

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