I am very proud of our strong deposit growth. Colonial had growth in deposits of 14% and growth in non-time deposits of 18%, excluding acquisitions, in 2004. Our people did a great job growing deposits all year long but in the fourth quarter of 2004, Colonial’s deposits grew, on average, over $155 million per month. What is also impressive is the fact that the Company improved its ratio of products and services per household from 3.13 products and services per household at the beginning of the year to 3.45 at the end of the year while adding $1.9 billion in deposits.

In late May of 2004, we acquired P.C.B. Bancorp, Inc. (PCB) in Florida. At acquisition, PCB added $688 million in assets, $547 million in deposits and 16 locations along the southwest and southeast coasts of Florida. We are especially pleased at how well PCB’s people, customers and locations have fit into Colonial. PCB had one of the leading association services management businesses in Florida, providing payment processing services to property management companies and condominium associations. We are committed to continue that line of business and are working to expand those specialty services in our other market areas.

Since the end of 2004, we have completed our acquisition of Union Bank of Florida and announced plans to acquire First Federal Savings Bank of Lake County (FFLC). The February 2005 acquisition of Union added $631 million in deposits, $1 billion in assets and 17 locations to our Florida franchise. We expect to complete our pending acquisition of FFLC, located in Lake County, Florida, in the second quarter of 2005 and anticipate that it will add another $795 million in deposits, $1 billion in assets and 16 locations in Florida. Once completed, this transaction coupled with the Union Bank transaction, should make Colonial the fifth largest commercial bank in Florida with 160 branches, approximately $7.4 billion in deposits and $11.3 billion in assets in that state.