Colonial BancGroup said it has signed a letter of intent to acquire Fort Brooke Bancorp. in Brandon, Fla., for stock worth $33.6 million.

The deal would mark Montgomery, Ala.-based Colonial's first entry into the Tampa Bay market. Colonial, with $4.7 billion in assets, already has 18 branches in Miami and Orlando.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.