Thriving in Atlanta

Metro Atlanta has been one of America’s premier hotbeds of growth for a generation. It surpassed 4 million in population in the 2000 Census and represents the fastest-growing single-family housing market in the country. Colonial is a significant participant in this market, as well as in commercial real estate lending in Atlanta, producing $700 million in new loan volume during 2002. In addition, the bank increased earnings by 18% in Georgia over the previous year.

Colonial’s Georgia region recorded much of its 2002 loan production in the last two months of the year and also shifted gears out of the slow high-end housing market into the starter-housing segment. Houses priced $250,000 and under are still selling well to first-time homeowners, first-move-up buyers and downsizing empty nesters, enabling Atlanta to remain the leading housing market in the country. In the 12 months ended September 2002, metro Atlanta issued 44,250 permits for single-family houses – 11,000 more than Phoenix, its closest competitor.

Colonial kept its credit quality strong by avoiding significant exposure in office buildings in Atlanta. The bank made impressive inroads into the city’s highly competitive commercial lending business with personal service.

“I think what people appreciate in this city more than anything else is being treated as individuals,” says Georgia CEO Walter Parrent. “Our success has come from one-on-one dealing with folks in Atlanta. We’ve got the right kind of employees – if we can get one-on-one – we can get somebody’s business.”

Colonial is also making inroads into the Macon and Columbus markets.“The opportunities in Georgia continue to be great because of the growth patterns,” Parrent says. “Atlanta is growing towards Macon and vice versa. Those cities are going to continue to flourish.”

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^©2003 Colonial BancGroup