RBC Centura Paying $1.6B for Alabama National

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BIRMINGHAM, AL-RBC Centura Banks Inc. a wholly owned subsidiary of the Royal Bank of Canada, is preparing to acquire Alabama National BanCorp. The $1.6-billion deal is expected to close in early 2008.

Upon closing, shareholders of the Birmingham-headquartered Alabama National BanCorp. will receive $80 per share, payable either in cash, RBC shares or both. According to the agreement, RBC Centura will acquire Alabama National’s 11 bank subsidiaries with 103 banking centers, eight mortgage/loan offices and 124 ATMs. As of June 30, ANB had assets of $7.9 billion, deposit balances of $5.8 billion and loans of $5.7 billion. When the deal closes, RBC Centura will have more than $33 billion in assets and 85 locations in Alabama, 89 in Florida and 68 in Georgia.