1

Exhibit 99.2

2

Forward Looking Statements

This

presentation

includes

“forward-looking

statements”

within the meaning of the federal securities laws. Words such as

“believes,”

“estimates,”

“plans,”

“expects,”

“should,”

“may,”

“might,”

“outlook,”

“potential”

and “anticipates,”

the negative of these terms and similar

expressions, as they relate to BancGroup (including its subsidiaries or its management), are intended to identify forward-looking

statements. The forward-looking statements in these reports are subject to risks and uncertainties that could cause actual results to differ

materially from those expressed in or implied by the statements.

In addition to factors mentioned elsewhere in this report or previously

disclosed

in

BancGroup’s

SEC

reports

(accessible

on

the

SEC’s

website

at

www.sec.gov

or on BancGroup’s website at

www.colonialbank.com), the following factors, among others, could cause actual results to differ materially from forward-looking

statements and future results could differ materially from historical performance. These factors are not exclusive:

•

deposit attrition, customer loss, or revenue loss in the ordinary course of business;

•

increases in competitive pressure in the banking industry;

•

costs or difficulties related to the integration of the businesses of BancGroup and institutions it acquires are greater than

expected;

•

the inability of BancGroup to realize elements of its strategic plans for 2007 and beyond;

•

changes in the interest rate environment which expand or reduce margins or adversely affect critical estimates as applied and

projected returns on investments;

•

economic conditions affecting real estate values and transactions in BancGroup’s market and/or general economic conditions,

either nationally or regionally, that are less favorable then expected;

•

natural disasters in BancGroup’s primary market areas which result in prolonged business disruption or materially impair the

value of collateral securing loans;

•

management’s assumptions and estimates underlying critical accounting policies prove to be inadequate or materially

incorrect or are not borne out by subsequent events;

•

the impact of recent and future federal and state regulatory changes;

•

current or future litigation, regulatory investigations, proceedings or inquiries;

•

strategies to manage interest rate risk may yield results other than those anticipated;

•

changes which may occur in the regulatory environment;

•

a significant rate of inflation (deflation);

•

acts of terrorism or war; and

•

changes in the securities markets.

Many of these factors are beyond BancGroup’s control. The reader is cautioned not to place undue reliance on any forward looking

statements

made

by

or

on

behalf

of

BancGroup.

Any

such

statement

speaks only as of the date the statement was made or as of such

date

that

may

be

referenced

within

the

statement.

BancGroup

does

not undertake any obligation to update or revise any forward-looking

statements.

3

•

Commercial Bankshares, Inc. (CLBK), headquartered in Miami, has

$1 billion in assets, total deposits of $841 million, loans of $611

million and operates 14 branch locations in Miami-Dade and Broward

counties

of

Florida

through

its

subsidiary

bank,

Commercial

Bank

of

Florida

•

Based on Colonial BancGroup’s closing stock price of $24.60 on

January 22, 2007, the transaction value is approximately $317 million

or $49.36 per share

•

The consideration mix consists of $24.50 in cash and 1.0107 shares

of Colonial stock for each share of Commercial Bankshares stock

•

The acquisition is expected to be accretive to Colonial’s EPS in the

first year of full cost savings

Summary

4

Transaction Pricing

$13,000,000

To be capitalized

Expected Pre-Tax Merger Related Costs

37%

Percentage of Commercial’s Expenses

$6,800,000

Expected Pre-Tax Cost Savings

$1,600,000

To be expensed

27.8

24.7

Price to LTM EPS

3.24

3.32

Price to Tangible Book Value

Precedent Florida

Transactions

Commercial

1

Represents median of Florida depository acquisitions with deal value greater than $100 million announced since

January 1, 2005, per Lehman Brothers Inc.

1

5

Colonial/Commercial Pro Forma Summary

13,800

12,800

Assets

10,241

9,400

Deposits

180

166

Branches

Florida Only

319

305

Branches

16,932

16,091

Deposits

16,090

15,479

Loans

$ 24,050

$ 22,784

Assets

Pro Forma

with Commercial

12/31/06

Colonial

12/31/06

(dollars in millions)

1

Includes estimated purchase accounting adjustments.

1

6

Colonial/Commercial Combined Deposit Market Share

(June 2006 FDIC balances)

35

5

5

4

3

2

1

Rank #

15

9

7

4

3

2

1

Rank #

0.24%

0.60%

Commercial

2.68%

1.96%

Colonial

2.92%

2.56%

Colonial/Commercial

5.07%

3.92%

Regions

9.73%

5.84%

SunTrust

19.08%

17.93%

B of A

19.92%

20.79%

Wachovia

Florida

Miami-Dade MSA

Pro Forma Florida Franchise  -

180 Branches

7

Colonial Bank

Commercial Bank