For years, warm weather and vibrant economies have attracted people south and west. According to the U.S. Census Bureau, the 15 months from April 1, 2000 to July 1, 2001 demonstrated similar patterns. Not surprisingly, of the seven highest population growth states, we operate in four of them: Florida, Georgia, Nevada, and Texas. Indeed, Nevada experienced the greatest gain out of the 50 states, with 5.4% population growth.

Presence Expands
Taking advantage of population growth trends, we bolstered our presence in key markets with several strategic acquisitions:

In October 2001, Manufacturers Bank of Florida – a Tampa-based, $307 million bank – merged into Colonial Bank. With that merger we added a new core customer base in our Bay Area Region as well as an experienced management team. During the same period, we also acquired 13 branches from Union Planters – nine along the west coast of Florida and four in south central Alabama. The nine branches in Florida added $206 million in deposits and grew our presence on Florida’s west coast from Port Richey down to Naples to $1.2 billion in assets.

In November we signed an agreement to acquire Dallas-based First Mercantile Bank, which is expected to close in the first quarter of 2002. As a result, we will significantly elevate our presence in Texas with a larger footprint in Dallas/Fort Worth, and with our initial entry into Austin. This merger will bring our assets in Texas to $641 million.

Thus, our overall strategy of operating in fast-growing, economically vibrant markets underscores our acquisition philosophy: We will seek opportunities that add either mass in our existing markets or market share in similar markets.

^©2002 Colonial BancGroup

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