Colonial Bank

The Colonial BancGroup, Inc. is headquartered in Montgomery, AL, and is $21 billion bank holding company.  With more than 300 banking offices in Florida, Alabama, Georgia, Nevada and Texas, Colonial Bank offers a wide variety of retail banking products and services.  These services include checking and savings accounts, personal and commercial loans, online banking, credit card and merchant services.  Colonial Bank’s assets have grown from $166 million in 1981 to $21 billion at the present time.

If you are a consumer interested in consolidating—and eliminating—your high-interest credit card balances and other debt, a lending product or service from Colonial Bank may be your answer. 

Consolidate your debt and lower your monthly payments now >>

Features and benefits of Colonial Bank's programs include:

Home Equity Lines of Credit (HELOCs)

• Revolving line of credit based on a percentage of the appraised value of your home, less the amount of your first mortgage;
• Accessible by writing a special Equity Line check;
• Monthly billing statements;
• Not available in Texas—see the Texas HELOC below);
• Low annual fee.

Texas HELOC

Interest Only

• Five Year Draw Period
• Ten year repayment period;
• Monthly interest-only payments for the first five years during the draw period;
• Principal plus interest payments during the repayment period amortized over ten years.
• Ten Year Draw Period
• Ten year repayment period;
• Interest-only for the first ten years during the draw period;
• Principal plus interest payments during the repayment period amortized over ten years.

Percent of Balance

• Five Year Draw Period
• Ten Year Repayment Period;
• Monthly payments equal to 1.5% of the outstanding balance (principal and interest) divided among principal and interest due for the first five years during the draw period;
• Principal plus interest payments during the repayment period amortized over ten years.
• Ten Year Draw Period
• Ten year repayment period;
• Monthly payments equal to 1.5% of the outstanding balance (principal and interest) divided among principal and interest due for the first ten years during the draw period;
• Principal plus interest payments during the repayment period amortized over ten years.

Executive Line of Credit

• Revolving line of credit that is unsecured and open-ended; similar to a credit card account;
• Minimum loan amount required (ask for details);
• Low annual fee;
• Accessible by personal check;
• No maturity date.

Not all lending products and services are available in all states.  To verify available products and services, along with the most current rates and terms, please contact a Colonial Bank Lending Specialist.

Consolidate your debt and lower your monthly payments now >>