Robert E. Lowder is retiring as chairman and CEO of Colonial BancGroup Inc.

Colonial also announced that Lowder, 66, would retire as president and leave the board once the company he founded in 1981 is sold to an investor group led by Taylor, Bean & Whitaker Mortgage Corp. The $26 billion-asset Montgomery, Ala., company said in a press release that its board plans to name a replacement "promptly," which could expedite Lowder's retirement.

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.