Colonial BancGroup, Montgomery, Ala., and TB&T Inc., Dallas, have entered into a definitive agreement to merge TB&T into Colonial.The companies said Colonial will exchange 0.3203 shares of common stock for each outstanding share of TB&T, the holding company of Texas Bank and Trust. (The Colonial stock will amount to 0.6406 shares after a two-for-one stock split scheduled for Aug. 14.) TB&T chairman Jack D. Sweet noted Colonial's focus on community and mortgage banking in touting the transaction. Colonial has assets of $8.8 billion and operates 231 offices in Alabama, Florida, Georgia, Tennessee, and Nevada, and Texas Bank and Trust has assets of $100 million and operates two offices in Dallas, the companies said.
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