Our Texas and Nevada regions are also in some of the fastest-growing markets in the country. Nevada is still projected to be the fastest-growing state in the country over the next five years with an estimated population growth rate of 16.08%. And the people keep coming. New home sales in Las Vegas increased 16% in 2004 over 2003 and new home permits increased 30% in that same period. Furthermore, Texas, Nevada and Florida were recently ranked the Top Three states “to do business in” by CEOs across the country.

Where do we go from here? We’ll continue to strengthen our share in these fast-growing markets. We’ll keep building new offices and we’ll remain alert to acquisition opportunities where profitability beckons. And, we’ll continue to employ internal growth strategies that will make these fast-growing franchises grow even faster.

A Thriving Florida Franchise
As we have expanded our franchise into higher growth markets over the last several years, we have done so with considerable success in Nevada, Texas and Georgia, but our primary focus has remained on Florida.

Colonial made its debut in Florida in 1996, with $232 million in assets and eight branches. With the recently completed acquisition of Union Bank and sizeable internal growth, we have $10 billion in assets, $6.6 billion in deposits and 144 branches. Of the Company’s total franchise, this now represents 51% of assets, 54% of deposits and 47% of branches. In 2004, Colonial truly became a “Florida Bank.”

Why Florida?
Florida has been booming, is booming and is projected to keep booming. Currently, Florida is the nation’s fourth most populous state. It is the third-fastest-growing state, and it is projected that in five years Florida will overtake New York as the nation’s third most populous state.