While it has not issued a press release yet, it appears as if Global Consumer Acquisition Corp. (stock symbol: [t]GHC[/t]), which raised $319.5 million when it went public in November 2007, has entered into agreements for two acquisitions:
Colonial BancGroup to sell 21 Nevada bank branches
Colonial BancGroup reaches deal with investment company to sell 21 branches in Nevada
On Tuesday July 14, 2009, 9:47 am EDT
MONTGOMERY, Ala. (AP) -- Colonial BancGroup Inc. and its subsidiary Colonial Bank said Tuesday it reached an agreement with Global Consumer Acquisition Corp. for the sale of 21 Colonial Bank branches in Nevada.
Financial terms were not disclosed.
The New York-based investment company will acquire the branch network including about $492 million in deposits and about $440 million in loans, of which about $326 million were originated in the Nevada franchise.
The deal, which is subject to Global Consumer shareholder and regulatory approvals, is expected to close in the third quarter of 2009.
Global Consumer said it also plans to acquire 1st Commerce Bank, a Nevada bank formed by Capitol Bancorp Ltd. and local Nevada executives.
The company said it plans to combine the 22 branches and rename them Western Liberty Bancorp, which will become a bank holding company. Its banking operations will be conducted through a subsidiary that will keep the 1st Commerce Bank name.
The combined company will have 22 branch locations in Nevada, about $477 million of gross loan assets, $320 million of transaction account deposits and $214 million in time deposits, with residual brokered deposits of less than $13 million.
Colonial BancGroup operates 354 branches in Florida, Alabama, Georgia, Nevada and Texas, and has more than $26 billion in assets.
Colonial BancGroup shares rose 16 cents, or 25 percent, to 79 cents and Capital Bancorp shares added 5 cents, or 2.6 percent, to $2 in morning trading.
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