It was announced late today (Tuesday, July 17, 2007) that Colonial Bank has purchased the iconic Citrus and Chemical Bank. The transaction involves all C & C locations.
Citrus and Chemical Bank (C&C Bank) opened for business in 1954. Located in Bartow’s citrus and phosphate center, the bank was named to reflect the primary industries of Polk County.
In the 1970′s, C&C Bank had become a major force in the Bartow community and needed more room for expanding staff and bank services. A 47,000 square foot, three-story building was constructed.
In 1983, C&C Bank entered the Lakeland market. In addition to the Bartow office, C&C Bank presently has five offices in Lakeland, three offices in Winter Haven, a Fort Meade office and a loan production office in Hillsborough County.
The Colonial BancGroup, Inc. is a $23 billion bank holding company headquartered in Montgomery, Ala., with more than 300 banking offices in Florida, Alabama, Georgia, Nevada and Texas. Its common stock is traded on the New York Stock Exchange under the symbol CNB.
Colonial Bank is a subsidiary of The Colonial BancGroup, Inc.
I wonder if they’ll give out those little orange lapel stickers?
Do we have any other locally owned banks in town?
WOW, I wonder who leaked that!
CenterState Bank, Citizens Bank, Community National Bank and Providence Bank are all Chamber members headquartered in Polk County.
And another one bites the dust. Bet George is rolling over in his grave!
CenterState Bank is a Winter Haven based bank, publicly traded but headquarted here and with local decision-makers.
Mom works at the bank, told me about it a while ago. I’m suprised its not more widespread.
I bet George is rolling in his grave! What about all those employees who will be jobless?
Yes. There is a locally-owned bank in Winter Haven. Providence Bank, 1501 1st Street, South, Winter Haven.
A Bank, whether local or foreign, is only as good as its Banker, therfore if the Banker is local, you have yourself a local Bank with a stronger backing! Consumers should not be misled with the notion that if a Bank is not local, they will receive lower class service.
So, Winter Haven is growing… Does that mean service and values will leave this town? Last time I checked, there local organizations developed solely to ensure the Winter Haven experience.
Perhaps, instead of pondering who’s Bank is what, we should continue to get involved in the community.
The reason I prefer to bank with a local bank is two-fold, and the customer service consideration is the secondary concern. My first concern is that I support other local businesses when doing business, both personally and through the local busines I own. That way my money stays in our local economy longer and doesn’t immediately go to Tampa, Orlando, or Alabama. This is the best way I can contribute to our local community and our local economy. We all need to support our local businesses whenever possible if we want to help ourselves.
It seems as if many are more concerned with the effects the merger will have on themselves. Please also consider the numerous long time employees that will no longer have a job come December 13th. We all seem to take our jobs for granted but any of us could loose it with a moments notice. This is not the first buy out of a local business and will certaintly not be the last.
I agree that just because a business is not owned locally does not mean that you will not receive great service. Yes, it is nice to support local businesses. However, no matter what business you support, the local community will benefit in some indirect way.