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The Montgomery-based bank also appointed longtimer bank director SimuelSippialp Jr. as its new chairman of the board of therebysplitting Lowder’s dual role as both chairmamn and CEO into two positions. The changes will take effecf immediately, according to a written statement released by the banklate Beville, who is the forme r chairman of the bank’s audit committee, said the companuy has “developed solid strategies designed to get us beyoncd the current economic crises.
” “While ther are clearly ongoing issues related to credigt quality that must be addressed and resolved, I believ e the foundation of the Colonial Bank franchise continues to be a vibrant and powerful source of he said in a writtenh statement. Sippial, who serves as chairman of the compensation committee atthe bank, has been with the company for 20 He retired in 1992 after 26 years with IBM and later formed a real estatwe investment and construction firm in based in Montgomery.
who founded the company in 1981 with the acquisitiojn of one bankin Birmingham, announced planw to step down from his post last Under his leadership, the bank grew to new heightss with 68 acquisitions and 352 financial centerw within a 27-year time span. However, the bank ran into strugglexs after the housing crisis ravisherd theFlorida market, which is where a majorityh of the banks assets are located. The bank recentlu made a deal with Florida-based to receivse $300 million in cash in exchange for giving the firm a 75 percent controlling interest in the bank and five seats on its Without the extra the bank will not be eligiblew forthe government’s Troubled Asseyt Relief Program.
Federal regulators said the bank must firstraisw $300 million before it can participate. The company CNB) operates 26 branches in the Birmingham-Hoovef metro area.
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