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Alabama's Colonial Bank's bad Florida loans escalate

Alabama-based Colonial Bank has so much business in Florida that it set up a "war room" in Tampa last summer "staffed with a large number of people" to do battle with its most troubled loans. So far, it looks like it's going to be a long campaign trying to sell them off. Initially, the war room had 42 credits worth about $325-million. In a recent earnings call with analysts, Colonial Bank CEO Robert Lowder was asked for an update. How much in bad loans reside in the war room? "Our war room now contains some 71 nonperforming relationships, totaling $510-million," Lowder said, with 65 percent of that amount in residential construction. What ballooned the inventory when the war room was supposed too thin it down? Said Lowder: The September mess on Wall Street.

Alabama's Colonial Bank's bad Florida loans escalate 11/04/08 [Last modified: Tuesday, November 4, 2008 6:57pm]
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