Alabama's Colonial to take 7 cent charge.

MONTGOMERY, Ala. -- Colonial BancGroup Inc. said it would record a charge of 7 cents a share in the third quarter because of debt redemption.

But the company added that the move, in which new debt with a lower interest rate was taken on, would raise fully diluted earnings by 2 cents to 3 cents a share for the remainder of the year and by 6 cents to 9 cents a share in 1994.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER