Colonial BancGroup sells Nevada branches - Tampa Bay Business Journal:

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The deal is part of a majo recapitalization of Nevada banksby , a releaser said. Global Consumer (NYSE: GHC), a specia purpose acquisition company, also plansd to buy , a Nevada bank unit of Mich.-based (NYSE: CBC). Global Consumer said it would operatew the Nevada banks undef the 1stCommerce name. Colonial’s Nevada asset sale includes abourt $492 million in deposits and abouf $440 million in loans, the bank said in a The deposit premiumis $28 million, or 9.3 percent baseds on a balance of $300 million of non-timw deposits, a release from Coloniak said. Global Consumer said it had the opportunithy to select which assetx of Colonial Bank itwould acquire.
In an investor the bank said it selecte d only the loan assetzs it deemed higher quality credits and left the sellet with allother loans. The deal is expected to close in thethird quarter, pending approvao of Global Consumer’s shareholders. Colonial (NYSE: based in Montgomery, Ala., has a significant presence in Florida and in the TampaBay area. Nearly 200 of the bank’s 354 branch offices are in Florida, including 50 in the Tamp Bay area. Colonial has $26 billiom in assets and is under to improveits operations.