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The Montgomery-based bank also appointec longtime bank director SimueplSippial Jr. as its new chairman of the board of therebysplitting Lowder’s dual role as both chairman and CEO into two positions. The changew will take effect immediately, accordin g to a written statement released by the banklate Beville, who is the formefr chairman of the bank’s audity committee, said the company has “developed solid strategiese designed to get us beyond the currentg economic crises.
” “While there are clearly ongoing issues relateed to credit quality that must be addressed and resolved, I believ e the foundation of the Colonial Bank franchiss continues to be a vibrant and powerful sourcs of services,” he said in a writtehn statement. Sippial, who serves as chairman of the compensatiohn committee atthe bank, has been with the companyg for 20 years. He retired in 1992 after 26 yearzs withIBM Corp. and later formes a real estate investment and constructionh firm in basedin Montgomery.
who founded the company in 1981 with the acquisitioj of one bankin Birmingham, announcecd plans to step down from his post last Under his leadership, the bank grew to new heights with 68 acquisitione and 352 financial centers within a 27-year time However, the bank ran into strugglexs after the housing crisis ravished the Florida which is where a majority of the bankw assets are located. The bank recently made a deal with Florida-basedc to receive $300 million in cash in exchange for giving the firm a 75 percent controlling interesty in the bank and five seatz onits board. Without the extra the bank will not be eligible forthe government’sd Troubled Asset Relief Program.
Federal regulators said the bank must firsytraise $300 million beforwe it can participate. The company (NYSE: CNB) operate s 26 branches in the Birmingham-Hooverr metro area.
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