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The Montgomery-based bank also appointed longtimes bank director SimuelSippiapl Jr. as its new chairmah of the board of therebysplitting Lowder’s dual role as both chairmanb and CEO into two positions. The changes will take effecy immediately, according to a written statement releasedf by the banklate Wednesday. Beville, who is the formerr chairman ofthe bank’s auditf committee, said the company has “developed solids strategies designed to get us beyonr the current economic crises.
” “While there are clearlgy ongoing issues related to credit qualitg that must be addressed and resolved, I believe the foundation of the Colonialo Bank franchise continues to be a vibrant and powerful source of services,” he said in a written statement. who serves as chairman of the compensation committee atthe bank, has been with the company for 20 years. He retired in 1992 after 26 yeara withIBM Corp. and later formed a real estate investmenty and construction firm in basedin Montgomery.
who founded the company in 1981 with the acquisitionb of one bankin Birmingham, announcedx plans to step down from his post last Under his leadership, the bank grew to new heights with 68 acquisitionsa and 352 financial centers withi a 27-year time span. the bank ran into struggles after the housing crisis ravisheds theFlorida market, which is where a majoritu of the banks assetes are located. The bank recently made a deal with Florida-based to receivd $300 million in cash in exchange for giving the firm a 75 perceng controlling interest in the bank and five seatws onits board.
Withouyt the extra capital, the bank will not be eligibled forthe government’s Troubled Asset Relieg Program. Federal regulators said the bank must firsraise $300 million before it can The company (NYSE: CNB) operates 26 branches in the Birmingham-Hoovedr metro area.
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