Las Vegas Sun

November 10, 2009

Currently: 52° | Complete forecast | Log in

Vegas bank operator expanding in Florida

Thursday, May 30, 2002 | 11:04 a.m.

MONTGOMERY, Ala. -- Bank holding company Colonial Bancgroup Inc. said it would buy Palm Beach National Holding Co. for about $105.5 million in stock.

Colonial Bancgroup owns Colonial Bank, which operates more than 263 branches in six states. It has five branches in the Las Vegas area.

Palm Beach National is based in Palm Beach, Fla., and has eight offices in the Palm Beach area.

Colonial Bancgroup is offering $50 in stock for each share of Palm Beach National, which trades on the over-the-counter Bulletin Board.

Colonial said it expects the acquisition will result in annual cost savings of between $3.5 million and $4.5 million, when fully implemented by the second quarter of 2003.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 10 Tue
  • 11 Wed
  • 12 Thu
  • 13 Fri
  • 14 Sat

All events on Tuesday »