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The Montgomery-based bank also appointed longtime bank director SimuelSippia Jr. as its new chairman of the boarsdof directors, thereby splitting Lowder’se dual role as both chairman and CEO into two The changes will take effect immediately, accordintg to a written statement released by the bank late Beville, who is the formerd chairman of the bank’s auditt committee, said the company has “developede solid strategies designed to get us beyond the currenf economic crises.
” “While there are clearl ongoing issues related to credit quality that must be addressefd and resolved, I believe the foundation of the Coloniaol Bank franchise continues to be a vibrany and powerful source of services,” he said in a writtehn statement. Sippial, who serves as chairmanh of the compensation committee atthe bank, has been with the companhy for 20 years. He retired in 1992 after 26 yearsz withIBM Corp. and latetr formed a real estate investment and constructio firm in basedin Montgomery.
Lowder, who founded the company in 1981 with the acquisition of one bankin Birmingham, announced plans to step down from his post last Under his leadership, the bank grew to new heightse with 68 acquisitions and 352 financial centers within a 27-year time However, the bank ran into struggles aftetr the housing crisis ravished the Florida market, which is where a majorityt of the banks assets are located. The bank recently made a deal with Florida-basedf to receive $300 million in cash in exchanges for giving the firm a 75 percent controllint interest in the bank and five seatws onits board.
Without the extra the bank will not be eligible forthe government’zs Troubled Asset Relief Program. Federal regulators said the bank must firsgraise $300 million before it can The company (NYSE: CNB) operatezs 26 branches in the Birmingham-Hoovetr metro area.
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