Colonial Bank, a subsidiary of The Colonial BancGroup, Inc., has strategically expanded its presence in Nevada as a part of a long-term strategy of sustained, controlled, qualitative growth.
Colonial came to Nevada five years ago, when it acquired Commercial Bank in Las Vegas and Interwest Bank of Reno. Two years later, Colonial acquired two locations from Wells Fargo that were originally Nevada Banking Co. and Comstock Bank, bringing the total to 11 branches, with plans to open three new locations in 2004.
Colonial serves average consumers, wealthy individuals and small business customers, but it concentrates on lending to commercial and residential builders and developers. Clients range from developers who build $1.5 million projects to those that construct $50 million to $80 million projects. The bank has the ability to make loans up to $200 million in Las Vegas. “From a lending standpoint, we’ve go the ability to handle the entire range,” Daigle said.
While some large national banks say they retain a community bank focus, Colonial actually does it through personal service and local decision-making power. Unlike many other large banks, Colonial gives its regional directors, officers and employees the power to respond to customers needs with flexibility, ensuring efficiency. “We pride ourselves on operating as a community-based bank,” said Daigle.
“We can meet the needs of everyone out there, whether it’s a small home-equity loan or a loan for a million dollar shopping center development,” said Daigle. We’re big enough to serve you, but small enough to know your name.”
Colonial’s assets have grown from $166 million in 1981 to more than $16 billion this year. In that same period, more than 60 community banks have been acquired and merged into Colonial Bank, integrating into a structure that contributes to Colonial’s community banking philosophy while achieving corporate synergies and efficiencies.
The bank’s holding company, Colonial BancGroup, is headquartered in Montgomery, Ala., with more than 270 full-service offices in Alabama, Florida, Georgia, Nevada, Tennessee and Texas.