MONTGOMERY, Ala. - Colonial BancGroup Inc. announced Monday that it had agreed to buy $290 million-asset Manufacturers Bank of Florida.
The stock deal is valued at $55.7 million and expected to close in the fourth quarter. Manufacturers' four branches would be merged into Colonial Bank's Bay Area region, which has its headquarters in the seller's home city, Tampa.
In a separate deal announced Monday, $12.5 billion-asset Colonial said it would purchase 13 branches from Union Planters Corp. Nine of the branches, with deposits of $244 million, are in Tampa and neighboring Naples. The remaining four branches, with deposits of $114 million, are in Alabama. Terms of the deal were not disclosed.
The deals for Manufacturers and the Union Planters branches would increase Colonial's branch network in the Tampa Bay area to 21 and its asset size there to about $850 million, making it the fifth-largest bank in the Tampa metropolitan area.
"We are pleased that our Bay Area region will be well on its way" to $1 billion of assets, said Robert E. Lowder, Colonial's chairman and chief executive officer.