May 29, 2009 (FinancialWire) — The Colonial BancGroup, Inc. (NYSE: CNB) said that Robert E. Lowder, the company’s founder, chairman, director, CEO and president, is retiring.

Lowder’s retirement will become effective upon the completion of a capital infusion transaction involving Taylor, Bean & Whitaker Mortgage and other purchasers, or sooner following the appointment of a replacement.

Until his retirement, Lowder will continue as chairman, director, CEO and president of Colonial BancGroup and its subsidiary, Colonial Bank. In a statement, the company’s board said it plans to name a replacement “promptly.”

Lowder founded Colonial BancGroup in 1981 with the acquisition of one bank in Birmingham, Alabama, that had $161 million in assets. Lowder also served previously as chairman and CEO of The Colonial Co., a family-owned holding company of mortgage, construction, real estate and insurance companies. He was also founder and chairman of Colonial Broadcasting, a company that owned radio stations in four states.

Montgomery, Alabama-based Colonial BancGroup operates 352 branches in Florida, Alabama, Georgia, Nevada and Texas.

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