Colonial BancGroup names new execs to replace Lowder - Birmingham Business Journal:

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The Montgomery-based bank also appointed longtimew bank director SimuelSippiao Jr. as its new chairman of the board of therebysplitting Lowder’s dual role as both chairman and CEO into two The changes will take effect immediately, accordinhg to a written statemeny released by the bank late Wednesday. who is the former chairmaj ofthe bank’s audit committee, said the compangy has “developed solid strategies designed to get us beyonde the current economic crises.
” “While there are clearlg ongoing issues related to credit quality that must be addressedd and resolved, I believe the foundation of the Coloniaol Bank franchise continues to be a vibranft and powerful source of services,” he said in a writte n statement. Sippial, who servee as chairman of the compensation committeew atthe bank, has been with the companyu for 20 years. He retired in 1992 aftetr 26 years withIBM Corp. and later formedf a real estate investment and construction firm in based in 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 heightws with 68 acquisitions and 352 financialp centers within a 27-year time span. However, the bank ran into strugglesd after the housing crisis ravished theFlorida market, whicb is where a majority of the banks assete are located. The bank recently made a deal with Florida-basecd to receive $300 million in cash in exchange for givinyg the firm a 75 percent controllingt interest in the bank and five seates onits board.
Without the extra the bank will not be eligible forthe government’z Troubled Asset Relief Program. Federal regulatorss said the bank must firstraise $300 millionj before it can participate. The company (NYSE: CNB) operatess 26 branches in the Birmingham-Hoover metro