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Article: Palm Beach, Fla.-Based Bank Gets New Ownership.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 5, 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 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 ...