Exhibit 10.1
ASSET PURCHASE AGREEMENT
BETWEEN
COLONIAL BANK,
GLOBAL CONSUMER ACQUISITION CORP.
AND
THE COLONIAL BANCGROUP, INC.
DATED: July 13, 2009
TABLE OF CONTENTS
PAGE Article I. DEFINITIONS AND RULES OF CONSTRUCTION
1
Section 1.1
DEFINITIONS
1
Section 1.2
RULES OF CONSTRUCTION
10 Article II. TRANSFER OF ASSETS AND LIABILITIES
11
Section 2.1
TRANSFERRED ASSETS AND TRANSFERRED LIABILITIES
11
Section 2.2
PURCHASE PRICE; CLOSING DATE PAYMENT AMOUNT
16
Section 2.3
DEPOSIT LIABILITIES
18
Section 2.4
LOANS AND PIPE-LINE LOANS
18
Section 2.5
EMPLOYEE MATTERS
20
Section 2.6
SECURITY
22
Section 2.7
PRORATION; OTHER CLOSING DATE ADJUSTMENTS
22
Section 2.8
TITLE INSURANCE AND SURVEY FOR REAL PROPERTY
24
Section 2.9
ENVIRONMENTAL MATTERS
26
Section 2.10
ASSUMED CONTRACTS
26
Section 2.11
ASSUMPTION OF IRA ACCOUNT DEPOSITS
27
Section 2.12
BOOKS AND RECORDS
27
Section 2.13
DETERMINATION OF DEFECT REDUCTION AMOUNTS
29
Section 2.14
NO DUTY TO CURE
30
Section 2.15
COOPERATION AND EXPEDITED CLOSING
30 Article III. CLOSING AND EFFECTIVE
TIME
30
Section 3.1
EFFECTIVE TIME
30
Section 3.2
CLOSING
30
Section 3.3
POST-CLOSING ADJUSTMENTS
33 Article IV. TRANSITIONAL MATTERS
34
Section 4.1
GENERAL
34
Section 4.2
NOTICES TO CUSTOMERS AND OTHERS
35
Section 4.3
DIRECT DEPOSITS
35
Section 4.4
DIRECT DEBIT
36
Section 4.5
INTEREST REPORTING AND WITHHOLDING
36
Section 4.6
LEASING OF PERSONAL AND REAL PROPERTY
37
Section 4.7
DATA PROCESSING CONVERSION FOR THE BRANCHES AND HANDLING OF CERTAIN ITEMS
37
Section 4.8
NOTICES TO OBLIGORS ON LOANS
38
Section 4.9
ASSIGNMENT OF LOANS
39 Article V. INDEMNIFICATION
39
Section 5.1
SELLER'S INDEMNIFICATION OF PURCHASER
39
Section 5.2
PURCHASER'S INDEMNIFICATION OF SELLER
40
Section 5.3
CLAIMS FOR INDEMNITY
40
- i -
Section 5.4
LIMITATIONS ON INDEMNIFICATION; OTHER QUALIFICATIONS
41
Section 5.5
TREATMENT OF INDEMNIFICATION PAYMENTS
42 Article VI. REPRESENTATIONS AND
WARRANTIES OF SELLER
42
Section 6.1
CORPORATE ORGANIZATION; CORPORATE AUTHORITY
42
Section 6.2
NO VIOLATION
43
Section 6.3
ENFORCEABLE AGREEMENT
43
Section 6.4
BROKER
43
Section 6.5
PERSONAL PROPERTY
43
Section 6.6
REAL PROPERTY AND THE LEASED PREMISES
44
Section 6.7
CONDITION OF PROPERTY
45
Section 6.8
LABOR MATTERS; EMPLOYEES; BENEFIT PLANS
46
Section 6.9
CERTAIN CONTRACTS
48
Section 6.10
LOANS
48
Section 6.11
DEPOSIT LIABILITIES
49
Section 6.12
BOOKS, RECORDS, DOCUMENTATION, ETC
49
Section 6.13
LITIGATION AND REGULATORY PROCEEDINGS.
49
Section 6.14
TAX MATTERS
50
Section 6.15
CONSENTS AND APPROVALS
50
Section 6.16
ENVIRONMENTAL LAWS
50
Section 6.17
CERTAIN INTELLECTUAL PROPERTY; PRIVACY
51
Section 6.18
COMMUNITY REINVESTMENT COMPLIANCE
52
Section 6.19
DEPOSIT AND LOAN DATA
52
Section 6.20
CERTAIN INFORMATION
52
Section 6.21
COMPLIANCE WITH LAWS
52
Section 6.22
AFFILIATE TRANSACTIONS
52
Section 6.23
[INTENTIONALLY OMITTED]
53
Section 6.24
[INTENTIONALLY OMITTED]
53
Section 6.25
LIMITATION OF REPRESENTATIONS AND WARRANTIES
53 Article VII.
REPRESENTATIONS AND WARRANTIES OF PURCHASER
53
Section 7.1
CORPORATE ORGANIZATION; CORPORATE AUTHORITY
53
Section 7.2
NO VIOLATION
53
Section 7.3
ENFORCEABLE AGREEMENT
54
Section 7.4
NO BROKER
54
Section 7.5
LITIGATION AND REGULATORY PROCEEDINGS
54
Section 7.6
CONSENTS AND APPROVALS
54
Section 7.7
REGULATORY CAPITAL AND CONDITION
55
Section 7.8
FINANCING
55
Section 7.9