By Lisa Kerner
Charlotte, N.C., Sept. 6 - RBC Centura Banks, Inc. agreed to acquire Alabama National BanCorporation for $80.00 per share in a cash and stock deal valued at some $1.6 billion.
The transaction is slated to close in early 2008.
"This acquisition positions RBC Centura even better to serve the banking needs of businesses, business owners and professionals in the Southeast," RBC Centura chairman and chief executive officer Scott Custer said in a company news release.
"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," Custer added.
RBC Centura will acquire Alabama National, which includes 11 bank subsidiaries with 103 banking centers, eight mortgage/loan offices and 124 ATMs, as well as assets of $7.9 billion, deposit balances of $5.8 billion and loans of $5.7 billion.
Alabama National is a bank holding company based in Birmingham, Ala.
RBC Centura is a wholly owned subsidiary of Toronto-based Royal Bank of Canada.
| Acquirer: | RBC Centura Banks, Inc.
|
| Target: | Alabama National BanCorporation
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| Transaction total: | $1.6 billion
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| Price per share: | $80.00
|
| Announcement date: | Sept. 6
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| Expected closing: | Early 2008
|
| Stock price for target: | Nasdaq: ALAB: $53.12 on Sept. 5
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