In South Florida, Colonial serves a critical mass of people in the areas of Miami-Dade, Broward and Palm Beach Counties which represent 41% of the deposits and 31% of the total population for the state of Florida. In Miami, where vacant land is virtually nonexistent, developers such as Colonial customer Craig Robins are revitalizing historical neighborhoods such as Allison Island in North Miami with projects like Aqua, an 8.5-acre neighborhood that will consist of three waterfront condominiums and 46 homes to support the housing market of this densely populated area. To accommodate the ever-growing population, developers are also rebuilding Palm Beach County towns such as Delray Beach and launching “New Urbanism” projects in Boynton Beach and Lantana.

To capitalize on the opportunities in such a concentrated, deposit-rich population, Colonial has 24 branches in South Florida and plans for another four locations in Palm Beach and Martin counties. Palm Beach County, which has a median household income of $45,062 – $6,000 higher than Florida’s overall per-capita figure – will also be home to Colonial’s new small business lending unit, which will lead the region’s drive to aggressively serve small businesses with real estate loans, cash management, merchant services and personal accounts.