The Colonial BancGroup, Inc. (BancGroup) is a financial holding company that through its subsidiaries provides a variety of services, including retail and commercial banking, wealth management services, mortgage banking and insurance to consumers and businesses. BancGroup derives substantially all of its income from dividends received from its subsidiary, Colonial Bank, National Association, doing business Colonial Bank. As of December 31, 2005, Colonial Bank conducts its business through a total of 301 branches, with 160 branches in Florida, 93 branches in Alabama, 21 branches in Georgia, 13 branches in Texas and 14 branches in Nevada. The Company also has a subsidiary Colonial Brokerage, Inc., which is engaged in providing full service and discount brokerage services and investment advice and is a member of and is regulated by the National Association of Securities Dealers. The principal activity of BancGroup is to supervise and coordinate the business of its subsidiaries and to provide them with capital and services. Colonial Bank offers a variety of demand, savings and time deposit products, as well as extensions of credit through personal, commercial and mortgage loans within each of its market areas. Colonial Bank also provides additional services to its markets through cash management services, electronic banking services and credit card and merchant services. Through its wealth management area, Colonial Bank's wholly owned subsidiaries Colonial Investment Services, Inc., Colonial Investment Services of Florida, Georgia, Nevada and Tennessee offer various insurance products and annuities for sale to the public. In 2005, Colonial Bank accounted for approximately 99.8% of the Company's consolidated assets. BancGroup holds variable interests in seven joint ventures, which invest in real estate developments located in the Atlanta metropolitan area of Georgia. The Company also has an interest in a joint venture, which invests in real estate developments located in San Antonio, Texas. On February 10, 2005, BancGroup completed the acquisition of Union Bank of Florida (Union), headquartered in Sunrise, Florida. The acquisition of Union added 17 full-service offices in Miami-Dade, Broward and Palm Beach counties to the Company's franchise. On May 18, 2005, BancGroup completed the acquisition of FFLC Bancorp, Inc. (FFLC) and its subsidiary, First Federal Savings Bank of Lake County, headquartered in Leesburg, Florida. FFLC added 16 full-service offices in Lake, Sumter, Citrus and Marion counties in Central Florida. As of December 31, 2005, Colonial Bank had a 72.43% ownership in Goldleaf Technologies, Inc., which provides Internet and ACH services to community banks. On January 31, 2006, Colonial Bank sold its interest in Goldleaf Technologies, Inc.

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