AmSouth branch sold

Published 12:00 am Friday, November 3, 2006

Staff Report

AmSouth Bancorporation announced this week the sale of seven area bank branches, including the branch on Broad Street in Selma.

The branches were purchased by RBC Centura Bank, a subsidiary of The Royal Bank of Canada, said Rick Swagler, spokesman for AmSouth.

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The branches – including one in Prattville, one in Wetumpka and three in Montgomery – will be transferred early in 2007, sometime during the first quarter, Swagler said.

Bank officials have maintained that service levels will remain the same.

“They’ve agreed to offer all the employees in that branch employment,” Swagler said. “They want to make sure the customers at those branches remain satisfied. For customers and employees, it’s business as usual.”

The deal was critical to getting federal approval for a proposed merger between AmSouth and its Birmingham neighbor, Regions Financial Corp. To avoid violating anti-trust laws, AmSouth made a deal with the U.S. Department of Justice to sell 52 branches in Alabama, Mississippi and Tennessee, according to published reports.

The sale to RBC Centura does not include the AmSouth drive-thru location on Highland Avenue.

“That will continue to be operated by AmSouth until the merger (with Regions) is completed,” Swagler said.

“For using AmSouth branches – it will be business as usual until next summer.”