We had colonial bank as well. It's now been bought out. However, I did have to have the former signer present to change over. I didn't when we removed them completely. Our signers ONLY included the bookkeeper, President and Vice-president or one appointed board member for backup. There had to be 2 separate signatures per check. Most of the time it was just the bookkeeper who cut the check and mine the president. No one could write a check except for the bookkeeper. (It was the bookkeeper's owner who could ONLY sign).
I did have an issue where I did have to remove the previous President/current Vice-President from the list. He was ripping off the association prior to me getting into office. I couldn't stop him from being Vice-President, but I could stop him from signing checks. That made it really hard to pay the bills. I didn't have another board member at the time that could replace the signature.
When I didn't run a few years later, I had to transfer my signature to the new president. We both had to be there to sign. I will say it was a little "tense" between us at the time but we got through it. I've never been soo happy to get off an account in my life!
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By the way, I did find out that company checks can be quite expensive to purchase. Our checks were several hundred dollars to "refill". They aren't normal checks. So don't be too surprise when that bill comes to you from the MC/bookkeeper. A review of banking fees and costs should be reviewed yearly. You may find a better bank that will fit your needs better.