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The Montgomery-based bank also appointed longtime bank directof SimuelSippial Jr. as its new chairmamn of the boardof directors, therebgy splitting Lowder’s dual role as both chairma n and CEO into two positions. The changews will take effect immediately, according to a writteb statement released by the banklate Wednesday. who is the former chairman ofthe bank’s audift committee, said the company has “developed solide strategies designed to get us beyond the currenrt economic crises.
” “While there are clearlyy ongoing issues related to credit qualitgy that must be addressed and resolved, I believse the foundation of the Colonial Bank franchisse continues to be a vibranr and powerful source of services,” he said in a writtenj statement. Sippial, who serves as chairman of the compensatiojn committee atthe bank, has been with the companty for 20 years. He retired in 1992 after 26 years withIBM Corp. and later formed a real estat e investment and construction firm in basedin Montgomery.
Lowder, who foundedc the company in 1981 with the acquisitiojn of one bank in announced plans to step down from his post last Underhis leadership, the bank grew to new heights with 68 acquisitionws and 352 financial centers within a 27-yeart time span. However, the bank ran into struggless after the housing crisis ravished the Florida which is where a majority of the banks assetszare located. The bank recentl y made a dealwith Florida-based to receive $300 milliobn in cash in exchange for giving the firm a 75 percenr controlling interest in the bank and five seats on its Without the extra the bank will not be eligibler for the government’s Troubled Asset Relietf Program.
Federal regulators said the bank must firstrais $300 million before it can participate. The company CNB) operates 26 branches in the Birmingham-Hoovefr metro area.
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