RBC bank planning $1.6 billion merger

Published 12:00 am Sunday, January 6, 2008


Alabama National BanCorporation shareholders will have their say later this month on a planned $1.6 billion merger with RBC Centura.

RBC Centura recently completed a merger that included AmSouth Bank, but the new proposed merger won&8217;t affect Selma. The closest bank affected here is Tuskegee&8217;s Alabama Exchange Bank.

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Alabama National BanCorporation has operating banks primarily in Florida and south Alabama. Alabama National is a $7.7 billion holding company, and owns 11 bank subsidiaries.

In August 2006, RBC Centura acquired Atlanta-based Flag Financial Corp in a $456 million deal, and in March purchased 39 branches in Alabama from AmSouth, including the Selma branch.

This deal, announced in September 2007, will be the third acquisition in the past 13 months. Shareholders of Alabama National will have an opportunity to express their views during a Jan. 24 meeting. Shareholders are being offered the conversion of Alabama national stock for $80 a share in cash.