New York, NY - WePickPennyStocks.com is pleased to alert investors of stocks on the move.

The Colonial BancGroup, Inc. (NYSE: CNB) and Colonial Bank, a wholly owned subsidiary of The Colonial BancGroup, Inc., announced today they have entered into an asset purchase agreement with Global Consumer Acquisition Corporation (GCAC) (NYSE: GHC) for the sale of 21 branch offices of Colonial Bank located in Nevada. Upon the closing of the transaction, GCAC is expected to acquire the branch network including approximately $492 million in deposits and approximately $440 million in loans, of which approximately $326 million were originated in the Nevada franchise. The deposit premium is $28 million or 9.33% based on a balance of $300 million of non-time deposits. If non-time deposits exceed $310 million, the deposit premium will be increased by 9.33% of the amount that the non-time deposits exceed $310 million. If non-time deposits are less than $290 million, the deposit premium will be decreased by 9.33% of the amount that the non-time deposits are less than $290 million. At June 30, 2009, the non-time deposits were approximately $305 million. As of June 30, 2009, approximately $565 million of loans and $399 million of time deposits that were originated in the Nevada franchise are expected to be retained by Colonial.

After touching an intraday high of $0.85 in an opening trade, the Stock is currently trading at $0.75 moved up about 19% on over 3 million shares. In the last 52-week, the stock has been trading within a range of $0.29-$13.35.

About The Colonial BancGroup, Inc.
The Colonial BancGroup, Inc. (BancGroup) is a financial services company that provides diversified services, including retail and commercial banking, wealth management services, mortgage banking and insurance products. The principal activity of the BancGroup is to supervise and coordinate the business of its subsidiaries. The BancGroup derives substantially all of its income from Colonial Bank, N.A (Colonial Bank) its banking subsidiary. The BancGroup’s subsidiary Colonial Brokerage, Inc. provides full service, and discount brokerage services and investment advice. As of December 31, 2008, Colonial Bank had a total of 347 branches, with 197 branches in Florida, 90 branches in Alabama, 19 branches in Georgia, 21 branches in Texas and 20 branches in Nevada.

We Pick Penny Stocks alerts its members on stocks that could generate higher than average returns. These include stocks with huge volume, penny stocks that are moving to the upside quickly, penny stocks with buy signals and companies with news. Our alerts are well known for producing incredible results in a short amount of time and our members have made outstanding profits of over 100%.

ABOUT We Pick Penny Stocks

WePickPennyStocks.com is a leading stock web site that provides free alerts on stocks that are poised to make big gains. We Pick Penny Stocks also tracks small cap penny stocks that could be on the brink of a massive breakout. To feature a company on our web site please contact us at info@WePickPennyStocks.com

We Pick Penny Stocks is an independent electronic publication that provides information on selected publicly traded companies. We Pick Penny Stocks is not a registered investment advisor or broker-dealer. We Pick Penny Stocks affiliates, officers, directors and employees may buy and sell additional shares in any company mentioned herein and may profit in the event those shares rise in value. Please do your own Due Diligence before investing in any of the stocks mentioned above.