Las Vegas Sun

March 28, 2024

Vegas bank operator expanding in Florida

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.

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