RBC Centura Buys Alabama Bank Group for $1.6 Billion
Posted September 6, 2007 10:31 a.m. EDT
Updated September 6, 2007 10:40 a.m. EDT
Raleigh, N.C. — RBC Centura is buying Alabama National BanCorporation in a deal worth $1.6 billion, the firms said Thursday.
The deal will add more than 100 branches to RBC Centura’s network. It is expected to close early next year.
Alabama National BanCorporation, which has assets of nearly $8 billion, operates 11 subsidiaries and other businesses.
RBC, which is building a new headquarters in Raleigh, will pay half the price in cash and the other half in stock. The deal would boost its assets above $33 billion.
The deal is the latest in a series over the past year to greatly expand RBC Centrua’s southeast holdings. A year ago, RBC Centura acquired Flag Financial Corporation, which operates 17 branches in the metro Atlanta area. In November, it acquired 39 branch offices of AmSouth Bank in Alabama.
"This acquisition positions RBC Centura even better to serve the banking needs of businesses, business owners and professionals in the Southeast," said Scott Custer, chairman and chief executive officer of RBC Centura, which is based in Raleigh. "This deal strengthens our ability to reach more customers in the region by expanding our branch network to more than 440 locations, solidifying our market position in Alabama and opening new and important markets in Florida, and increasing our presence in Atlanta.”
The deal includes 45 branches in Alabama, 45 in Florida and 13 in Georgia.
In addition to the branch offices, the deal includes eight mortgage and loan offices as well as 124 ATMs.
RBC Centura already operates 40 branches in Alabama, 44 in Florida and 55 in Georgia.