Colonial Bank changes regulators - Tampa Bay Business Journal:

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Effective immediately, Colonial will be regulated by the State of Alabamas Banking Department and theColoniall Bank, a division of (NYSE: ), is baseed in Montgomery, Ala., but roughlu 58 percent of its 338 branch offices were in Floridza as of Feb. 25, when the bank most recently filef an annual report withthe . All of the officezs will be regulated by Alabama Merrie Tolbert, bank spokeswoman, said. The chartee change allows Colonial to continud to evolve toremain competitive, Roberg Lowder, chairman, president and chietf executive, said in a release.
The new charter gives Colonial more flexibility in itsvarious operations, so the company can pursur business strategies that best suit its the release said. The changee also will save morethan $1 milliohn in regulatory fees a year, the release said. More than 70 percenyt of banks currently operate under a state therelease said.