Bobby Lowder: Difference between revisions
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'''Robert E. "Bobby" Lowder''' (b. ca. 1944 in [[Alabama]]) is |
'''Robert E. "Bobby" Lowder''' (b. ca. 1944 in [[Alabama]]) is a former [[United States|American]] banking executive and founder of [[Colonial Bank]] and its parent company, [[Colonial BancGroup]]. Lowder is an [[Auburn University]] trustee and alumnus, graduating with a B.S. in Finance in 1964.<ref>{{cite web|url=http://www.auburn.edu/administration/univrel/news/archive/02_03news/02_03trustees.html|title=Board of Trustees|publisher=Auburn University}}</ref> The Lowder Business Building on Auburn's campus is sometimes thought to be named after him, but according to the AU website, the building is named for his parents, Edward L. and Catherine K. Lowder.<ref>[http://www.lib.auburn.edu/architecture/buildings/business_building.htm Lowder Business Building :: AU<!-- Bot generated title -->]</ref> |
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Lowder was Chairman of the Board and CEO of Colonial BancGroup, positions he held for 25 years. In 2006, his total compensation was $2.77 million and his five-year compensation total was $11.23 million, making him one of the top 50 highly compensated banking executives in the United States at that time.<ref>http://www.forbes.com/lists/2006/12/Banking_TotComp_1.html CEO Compensation - Forbes.com<!-- Bot generated title -->]</ref> He retired from Colonial Bank on May 28, 2009, but remained on the Board of Trustees at Auburn University. |
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Colonial BancGroup was reported to be under Federal investigation for possible criminal activities of its financial dealings in its mortgage subsidiary in August, 2009,<ref>{{cite web|url=http://www.tampabay.com/news/business/banking/colonial-bancgroup-target-of-federal-criminal-investigation/1025678|title=Colonial BancGroup target of Federal criminal probe}}</ref> and on August 14, 2009, Colonial Bank was shut down by banking regulators, with its deposits and branches purchased by [[BB&T]]. <ref>{{cite web|url=http://money.cnn.com/2009/08/14/news/companies/colonial_bancgroup/|title=Colonial Bank shut down by Federal regulators}}</ref> |
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==Board of Trustees controversy== |
==Board of Trustees controversy== |
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Revision as of 07:00, 15 August 2009
Robert E. "Bobby" Lowder (b. ca. 1944 in Alabama) is a former American banking executive and founder of Colonial Bank and its parent company, Colonial BancGroup. Lowder is an Auburn University trustee and alumnus, graduating with a B.S. in Finance in 1964.[1] The Lowder Business Building on Auburn's campus is sometimes thought to be named after him, but according to the AU website, the building is named for his parents, Edward L. and Catherine K. Lowder.[2]
Lowder was Chairman of the Board and CEO of Colonial BancGroup, positions he held for 25 years. In 2006, his total compensation was $2.77 million and his five-year compensation total was $11.23 million, making him one of the top 50 highly compensated banking executives in the United States at that time.[3] He retired from Colonial Bank on May 28, 2009, but remained on the Board of Trustees at Auburn University.
Colonial BancGroup was reported to be under Federal investigation for possible criminal activities of its financial dealings in its mortgage subsidiary in August, 2009,[4] and on August 14, 2009, Colonial Bank was shut down by banking regulators, with its deposits and branches purchased by BB&T. [5]
Board of Trustees controversy
In 2001, the Board of Trustees at Auburn summarily dismissed President William V. Muse, inspiring a widespread campus vote of no confidence in the Board. The widespread belief on campus was that Lowder exerted tight private control over the Board, and thus over the ostensibly public university, using his clout to place some of his close friends in positions of power.[6]
Jetgate Scandal
Lowder has long been regarded as one of the nation's most powerful college boosters and power-behind-the-scenes trustees at Auburn.[7][8] In 2003, when then-University President William Walker Jr. and athletic director David Housel secretly spoke with University of Louisville football coach Bobby Petrino about taking over Auburn University football coach Tommy Tuberville's job, it was Lowder's private jet which they flew to Louisville.[9]
References
- ^ "Board of Trustees". Auburn University.
- ^ Lowder Business Building :: AU
- ^ http://www.forbes.com/lists/2006/12/Banking_TotComp_1.html CEO Compensation - Forbes.com]
- ^ "Colonial BancGroup target of Federal criminal probe".
- ^ "Colonial Bank shut down by Federal regulators".
- ^ Basinger, Julianne. "Trustees' Ouster of President at Auburn Fuels Widespread Anger." The Chronicle of Higher Education, March 16, 2001, p. A34. Last accessed by cache March 23, 2007.
- ^ Fish, Mike (2006-01-13). "A Tiger of a trustee". ESPN.com.
- ^ Fish, Mike (2006-01-12). "Most Powerful Boosters". ESPN.com.
- ^ "Petrino says no to Auburn". Dallas Morning News.
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