Lowder retires from Colonial BancGroup

MONTGOMERY, AL (WSFA) - Chairman and CEO of Montgomery based Colonial BancGroup, Inc., Robert "Bobby" Lowder, is retiring according to the company.

Lowder founded the company in 1981 after acquiring a bank in Birmingham that had $161 million in assets. In his nearly 30 years with the company Colonial Bank has acquired numerous other banks, expanded to more than five states and boasts assets in excess of $26 billion.

Lowder will continue in his current position with the bank company until the completion of a previously announced capital infusion transaction or until the board names a replacement. The board has said it will name a replacement "promptly".

"I am very proud of the company Colonial has become, the associations that have been made over the years and the accomplishments of our very talented employees, both those currently employed and those who contributed to the bank in the past," said Lowder. "My role at Colonial has been the highlight of my professional life and I look forward to watching Colonial continue to grow and prosper with new leadership."

Lowder, a 1964 Business Administration graduate of Auburn University, is a long-time AU Board of Trustee member. He was appointed to the board in 1983 by then Governor George Wallace.

WSFA 12 News will have more information as it becomes available.