Colonial BancGroup, Montgomery, Ala., said it has completed deals for three southeastern banks. The acquisitions increased the multibank holding company's total assets to more than $4.5 billion.
The three acquisitions are $232 million-asset Southern Bank of Central Florida, Orlando; $232 million-asset Commercial Bank of Georgia, Atlanta, and $64 million-asset Dothan (Ala.) Federal Savings Bank.
The Southern and Commercial deals were both stock swaps. Colonial said it paid half in stock and half in cash for Dothan Federal.
The addition of seven Commercial Bank branches brings to 10 Colonial's total in Atlanta and the region to the north. The bank is expected to use the Southern Bank deal as a springboard to further expansion of its Florida franchise.
"Together these acquisitions establish a solid base to build on in these markets," said Robert E. Lowder, Colonial's chairman, chief executive, and president.
Colonial BancGroup now has 126 offices in Alabama, Florida, Georgia, and Tennessee.