MONTGOMERY, AL --- Colonial BancGroup Chairman, CEO and President, Robert E. Lowder, announced today the signing of a definitive agreement to merge Citrus & Chemical Bancorporation, Inc. (C&C) and its subsidiary bank, Citrus & Chemical Bank into Colonial. Under the terms of the agreement, C&C shareholders will receive in the aggregate, consideration of approximately $219 million, 50% to be paid in cash and 50% in Colonial stock. The price to be paid per share is approximately $39.02 for each share of C&C common stock.