We plan to continue to add to our existing footprint with 20 new locations in 2006, 14 in Florida, four in Texas and one each in Nevada and Georgia. We do not plan to enter any new markets, but rather fill in our current markets with additional locations. The majority of the new Florida branches are planned for the southwest and central Florida markets, among the fastest- growing areas of Florida and the nation. Colonial’s markets from Sarasota to Fort Myers along the southwest coast of Florida were ranked in the Top 10 Metro Areas in the United States in 2004 and 2005 for housing starts, and the population of the metro Orlando area grew by 1,275 new adults per week in 2005! Furthermore, Nevada continues to lead the United States in population growth with a projected growth rate of 20.85% for 2005–2010, and Nevada’s two largest markets of Reno and Las Vegas are currently ranked first and fourth, respectively, for projected housing starts in 2006.
Our strategy to reposition the bulk of our franchise in higher- growth markets has been, and is expected to continue to be, a superior source of deposit and loan growth for our franchise. In fact, our Florida, Texas and Nevada branches grew average deposits (excluding acquisitions) more than 20% in 2005, while the entire company posted organic growth in average deposits of 16%. Colonial’s Florida deposits, comprising 58% of the Company’s total deposits, finished the year at $9 billion, an increase of 48% over the prior year. Loans, excluding mortgage warehouse loans, acquisitions and branch sales, grew $1.2 billion, or 10% in 2005. Our Florida West Coast and Texas regions led the Company’s growth in 2005 with over 20% growth.