Colonial BancGroup sells Nevada branches - Tampa Bay Business Journal:

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The deal is part of a majofr recapitalization of Nevada banksby , a releasre said. Global Consumer (NYSE: GHC), a special purpose acquisition company, also plans to buy , a Nevadqa bank unit of Mich.-based (NYSE: CBC). Global Consumer said it woul operate the Nevada bank under the 1stCommerce name. Colonial’s Nevada asset sale includes abouf $492 million in deposits and about $440 million in the bank said in a The deposit premiumis $28 or 9.
3 percent base d on a balance of $300 million of non-time deposits, a release from Colonial Global Consumer said it had the opportunity to selec t which assets of Colonial Bank it would In an investor presentation, the bank said it selectedc only the loan assets it deemef higher quality credits and left the seller with all otheer loans. The deal is expectexd to close in the third pending approval ofGlobal Consumer’s shareholders. Colonialk (NYSE: CNB), based in Montgomery, Ala., has a significantr presence in Florida and in the TampasBay area.
Nearly 200 of the bank’s 354 branc offices are in Florida, including 50 in the Tampa Bay Colonialhas $26 billion in assetds and is under to improve its operations.