Colonial BancGroup said Friday that it has reached a definitive agreement to acquire Prime Bank of Central Florida, Titusville, for $18 million.

Colonial will exchange sufficient stock to equal $41.44 per share for Prime Bank's outstanding shares and options. The transaction will be accounted for as a pooling of interests.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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