Bobby Lowder
Encyclopedia
Robert E. "Bobby" Lowder (b. ca. 1944 in Alabama
) is a former American
banking executive, and founder and former longtime CEO of the failed Colonial Bank
and Colonial BancGroup, Colonial Bank's former parent company. Lowder is an Auburn University
trustee and alumnus, graduating with a B.S. in Finance in 1964. 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.
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 50 most highly compensated banking executives in the United States at that time. 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, and on August 14, 2009, Colonial Bank was shut down by banking regulators, with its deposits and branches purchased by BB&T
.
football coach Tommy Tuberville
's job, it was Lowder's private jet which they flew to Louisville.
Some claims suggest the Governor reappointed Lowder due to his wife's donation of $25,000 to the Bentley campaign on September 21, 2010.
After the media reported Lowder's withdrawal from the Auburn University Board of Trustees, many believe this is a good thing for the University since it has been speculated Lowder has strong control over the Board. Reports indicate Lowder will finish his current term on the University's Board of Trustees.
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
) is a former American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
banking executive, and founder and former longtime CEO of the failed Colonial Bank
Colonial Bank
Colonial Bank, formerly a subsidiary of Colonial Bancgroup Inc., was headquartered in Montgomery, Alabama. Colonial Bank had 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. Colonial's assets had grown from $166 million in 1981 to $26 billion. This growth can be attributed...
and Colonial BancGroup, Colonial Bank's former parent company. Lowder is an Auburn University
Auburn University
Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts...
trustee and alumnus, graduating with a B.S. in Finance in 1964. 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.
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 50 most highly compensated banking executives in the United States at that time. 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, and on August 14, 2009, Colonial Bank was shut down by banking regulators, with its deposits and branches purchased by BB&T
BB&T
BB&T Corporation is an American bank with assets of $157 billion , offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international...
.
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.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. 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 UniversityAuburn University
Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts...
football coach Tommy Tuberville
Tommy Tuberville
Thomas Hawley Tuberville is an American football coach and former player. He is currently the head football coach at Texas Tech University, a position he has held since the 2010 season...
's job, it was Lowder's private jet which they flew to Louisville.
Auburn University Board of Trustees, Removal
Lowder began serving on the Auburn University Board of Trustees in 1983. In the Spring of 2011, Alabama Governor Robert Bentley re-appointed Lowder for another term on the Board. According to sources a civil lawsuit in the Lee County Circuit Court with claims that the appointment violated the state's Open Meetings Act. On Monday, May 16, 2011, Lowder contacted the Governor's Office asking his name, Robert "Bobby" Lowder, be withdrawn from consideration for reappointment.Some claims suggest the Governor reappointed Lowder due to his wife's donation of $25,000 to the Bentley campaign on September 21, 2010.
After the media reported Lowder's withdrawal from the Auburn University Board of Trustees, many believe this is a good thing for the University since it has been speculated Lowder has strong control over the Board. Reports indicate Lowder will finish his current term on the University's Board of Trustees.