SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report January 14, 1997
FIRST FAMILY FINANCIAL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Florida 59-3277352
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(State of other jurisdiction) (IRS Employer Identification No.)
33-81818
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(Commission File Number)
2801 South Bay Street, Eustis, Florida 32726-6503
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(Address of Principal Executive Offices) (Zip Code)
(352) 357-4171
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
Special Meeting of Shareholders/Closing of the Acquisition of First Family
Financial Corporation by The Colonial BancGroup, Inc. -- A Special Meeting of
Shareholders of First Family Financial Corporation ("First Family") was held on
December 16, 1996, to consider and vote on the Agreement and Plan of Merger
dated July 19, 1996 ("Agreement") between First Family and The Colonial
BancGroup, Inc. ("Colonial BancGroup"). The Merger (as that term is defined in
the Agreement) was approved by 64.4 percent of the shares eligible to be cast.
The Merger of First Family with and into Colonial BancGroup, was completed on
January 9, 1997, (the "Effective Date") pursuant to the terms and conditions
contained in the Agreement. Immediately prior to the consummation there were
552,500 shares outstanding each of which was exchanged for Colonial BancGroup
common stock and cash. Following the consummation of the transaction, each share
of common stock of First Family outstanding and held by First Family's
shareholders was converted by operation of law, and without any action by any
holder thereof, into shares of Colonial BancGroup common stock and cash with a
total value equal to $23.50 per share. On the Effective Date, each outstanding
share of First Family common stock was entitled to receive $11.75 in cash and
Colonial BancGroup common stock with a value of $11.75. Based upon the average
of the closing prices of the common stock of Colonial BancGroup as reported by
the NYSE on each of the ten (10) trading days ending on the trading day
immediately preceding the Effective Date ($39.213), First Family shareholders
received 0.2996 shares of Colonial BancGroup common stock for each share of
First Family common stock.
At November 30, 1996, First Family had total consolidated assets of
$168,868,000, consolidated deposits of $156,278,000 and total consolidated
stockholders' equity of $8,842,000. Colonial BancGroup is listed on the New York
Stock Exchange under the symbol "CNB". In most newspapers the stock is listed as
"ColBgp".
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Family Financial Corporation
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(Registrant)
Dated this 9th day of January, 1997 By: /s/David M. Shepherd
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David M. Shepherd
President
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