Bobby Lowder
Robert E. Lowder | |
|---|---|
| Born | circa 1944 Alabama, U.S. |
| Occupation(s) | Banking executive, university trustee |
| Known for | Founder and CEO of Colonial Bank and Colonial BancGroup; Auburn University Board of Trustees member (1983–2012) |
Robert E. Lowder (born circa 1944 in Alabama) is a former executive in the American banking sector, recognized as the founder and longtime chief executive officer of the now-defunct Colonial Bank and its holding company, Colonial BancGroup. Additionally, he held a position as a trustee at his alma mater, Auburn University, from 1983 until 2012.
Education
Lowder earned a Bachelor of Science degree in Business Administration from Auburn University in 1964. While attending Auburn, he participated in the Army ROTC program and was affiliated with the Sigma Pi fraternity.
Banking career
For a quarter-century, Lowder acted as Chairman and CEO of Colonial BancGroup. In 2006, his compensation amounted to $2.77 million, and over five years totaled $11.23 million, placing him among the fifty highest-paid banking leaders nationwide. Although he stepped down from Colonial Bank on May 28, 2009, he continued to serve on the Board of Trustees at Auburn University.
Federal authorities launched an investigation into Colonial BancGroup in August 2009 concerning possible criminal conduct connected to its mortgage division. Subsequently, on August 14, 2009, regulators closed Colonial Bank, with its deposits and branch network being acquired by BB&T.
Auburn University Board of Trustees
Lowder began his tenure on Auburn University's Board of Trustees in 1983. In 2001, the Board abruptly removed President William Muse, an action that provoked widespread dissatisfaction across campus and led to votes of no confidence. It was commonly believed that Lowder exerted significant private influence over both the Board and university operations, using his authority to install loyal associates in pivotal roles.
Recognized as one of Auburn's most influential trustees and prominent supporters, Lowder's impact extended into athletics; notably, in 2003, University President William F. Walker and athletic director David Housel utilized Lowder’s private aircraft for confidential discussions with football coach Bobby Petrino regarding the potential replacement of coach Tommy Tuberville.
In spring 2011, Alabama Governor Robert J. Bentley cast the deciding vote to renew Lowder’s appointment to the Board for a twelve-year term. Some critics suggested this decision was linked to a $25,000 contribution from Lowder’s spouse to Bentley’s campaign. After the appointment, a lawsuit was filed alleging violations of the state's Open Meetings Act. Shortly thereafter, on May 16, 2011, Lowder requested withdrawal from consideration.
Lowder’s service concluded on April 10, 2012, when five trustees were replaced by action of the Alabama state senate. M. Clark Sahlie succeeded him with an election to a seven-year term.