Bobby Lowder was the founder, President, CEO & Chairman of the Board of the failed Colonial Bank. During his tenure there, he was widely known as a manipulator, and micromanager of Auburn University, where he was also a member of the Board of Trustees, and donor. During his tenure there, the university experienced many scandals, including use of Lowder's private jet, and his undue influence upon the university president. He was named to be reappointed to the Auburn University Board of Trustees by Governor Bentley, though a a civil lawsuit in the Lee County Circuit Court asserted that Bentley's actions violated Alabama's Open Meetings Act. Under such pressure, Lowder withdrew his name from consideration, served the remainder of his term, and departed. Colonial BancGroup eventually came under Federal scrutiny & investigation for fraudulent practices, and on August 14, 2009, was closed by banking regulators, with all deposits and branches purchased by BB&T.
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