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Colonial expects to continue to operatre asa stand-alone, publicly traded company with an independenty board of directors and management a release said. Following completion of the deal, the new investorsz will own about 75 percentof Colonial’s outstandinvg common stock, the release said. They’ll also get five seatd on Colonial’s 15-member board and get to have a say on five otherboard members, in collaboration with Colonial.
Undeer terms of the agreement, the investors will buy preferredc stock that can be converted into common stock at a price of 50 centda share, provided Colonial shareholders agree to increase the numbee of authorized shares of the stock, the releasd said. Colonial has 30 days to shop arounx for abetter deal. If it finds one, it has to pay a $10 millio termination fee to the investors, the release Taylor Bean & Whitaker, a mortgag company based in Ocala, holds a thrifrt charter after buying insuburban Chicago. Colonial is expected to convert to a federal savings and loan association after thedeal closes, the release Colonial BancGroup (NYSE: CNB), headquartered in Ala.
, operates 351 branches in Florida, Alabama, Georgia, Nevadaz and Texas with about $26 billiom in assets. Exposure to Florida’s real estatr collapse put Colonial in the redlast year, losing $880.5 million. In the Tampa Bay area, Colonial Bank had 50 officew and $2.7 billion in deposits as of June 30, according to the most receng information fromthe
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