Alabama National BanCorporation Announces Acquisition of Florida Choice Bankshares, Inc. of Greater Orlando; Conference Call Sch
October 27 2005 - 7:30AM
Business Wire
Alabama National BanCorporation (NASDAQ/NMS: ALAB) ("ANB"),
headquartered in Birmingham, Alabama, and Florida Choice
Bankshares, Inc., headquartered in Mt. Dora, Florida ("Florida
Choice"), today announced the signing of a definitive agreement
providing for the acquisition of Florida Choice by ANB. Under the
agreement, Florida Choice will be merged with and into ANB, and
Florida Choice's bank subsidiary, Florida Choice Bank, will become
a wholly owned subsidiary of ANB. Following the acquisition,
Florida Choice Bank will continue to operate under its existing
name, management, and board of directors. The acquisition is
subject to regulatory approval, Florida Choice shareholder
approval, and certain other conditions. ANB expects the transaction
to close sometime in the first quarter of 2006. John H. Holcomb,
III, Chairman of the Board and CEO of ANB, and Kenneth E. LaRoe,
CEO of Florida Choice, jointly announced the agreement. "We are
very pleased to have Florida Choice Bank join our organization. Its
history of excellent service and community banking in greater
Orlando has allowed it to grow to over $325 million in assets. At
the same time, it has maintained excellent asset quality and
profitability. Its management, employees, and board of directors
will be a great addition to Alabama National BanCorporation,"
Holcomb stated. "Florida Choice's merger with Alabama National
brings together two quality institutions with very similar
corporate values," said LaRoe. "ANB's philosophy of local
decision-making makes it an excellent partner for Florida Choice.
We will continue to grow our franchise in the greater Orlando and
Ocala markets. We also look forward to further serving our
customers' needs with expanded products and services available to
us with Alabama National." Florida Choice had total assets of
approximately $325 million and shareholders' equity of
approximately $39 million at September 30, 2005. Founded in 1999,
it serves its customer base through six offices located in Mt.
Dora, Orlando, Longwood, Ocala, Clermont, and Leesburg, Florida.
Offices in Maitland and Altamonte Springs are scheduled to open in
the first half of 2006. ANB is a bank holding company operating 85
banking locations through ten bank subsidiaries in Alabama, Florida
and Georgia. Alabama subsidiaries include: First American Bank in
north central Alabama; Bank of Dadeville; and Alabama Exchange Bank
in Tuskegee. Florida subsidiaries are: First Gulf Bank, N.A., in
Escambia County, Florida and Baldwin County, AL; Community Bank of
Naples, N.A.; Millennium Bank in Gainesville; Public Bank in
metropolitan Orlando; CypressCoquina Bank in Ormond Beach; and
Indian River National Bank in Vero Beach. ANB has one subsidiary in
Georgia, Georgia State Bank in metropolitan Atlanta. ANB provides
full banking services to individuals and businesses. Brokerage
services are provided to customers through First American Bank's
wholly owned subsidiary, NBC Securities, Inc. Investments are not
bank guaranteed, not FDIC insured and may lose value. Insurance
services are provided through ANB Insurance Services, Inc., a
wholly owned subsidiary of First American Bank. Alabama National
BanCorporation common stock is traded on the NASDAQ National Market
System under the symbol "ALAB." Under the terms of the agreement,
ANB will issue approximately 1.5 million total ANB common shares
and share equivalents plus $5.12 million in cash to Florida Choice
shareholders. Florida Choice shareholders who do not elect all cash
will receive approximately 0.6079 ANB common shares for each
Florida Choice share converted into ANB common stock. In addition,
ANB anticipates paying cash equal to the intrinsic value of Florida
Choice options in return for the termination of at least 90% of
Florida Choice's outstanding options. The total consideration is
approximately $110 million at current market prices. Based upon
ANB's current expectations for Florida Choice's profitability, its
ability to achieve certain designated cost savings, and its current
expectations for ANB's profitability, ANB management estimates that
the acquisition of Florida Choice will be approximately neutral to
cash earnings per share and approximately 1-2% dilutive to GAAP
earnings per share in the first year after closing. Expectations
for years two and three are that the acquisition will be cash and
GAAP accretive in both years. Alabama National will discuss this
acquisition in a conference call, scheduled for 8:30 a.m. central
time Friday, October 28, 2005. For live interactive access to the
teleconference, please dial 800-938-1464 at 8:30 a.m. Central Time
on October 28. A telephonic replay will be available through
November 28 by dialing 800-642-1687 and entering Conference ID
number 1878595. A listen-only simulcast and replay of Alabama
National's conference call will be available on-line at the
following Internet links: www.alabamanational.com (under "In The
News") or www.viavid.net/dce.aspx?sid=0000299E, on October 28,
beginning at 8:30 a.m. Central Time. The on-line replay will follow
immediately and continue for 30 days. The proposed transaction will
be submitted to Florida Choice shareholders for their
consideration. Shareholders of Florida Choice are advised to read
the proxy statement/prospectus regarding the proposed transaction
when it is delivered to them because it will contain important
information. The proxy statement/prospectus will be filed in
conjunction with a registration statement to be filed with the
Securities and Exchange Commission by ANB. The shares to be offered
by ANB to Florida Choice shareholders may not be sold nor may any
offers to buy be accepted prior to the time the registration
statement containing the proxy statement/prospectus becomes
effective. Copies of the proxy statement/prospectus, when
available, can be obtained at the SEC's website at www.sec.gov.
Copies of the proxy statement/prospectus, when available, can also
be obtained, without charge, by directing a request to Alabama
National BanCorporation, 1927 First Avenue North, Birmingham,
Alabama 35203, Attention: Lowell A. Womack, Jr. (205-583-3654).
This press release contains financial information determined by
methods other than in accordance with generally accepted accounting
principles ("GAAP"), namely, "cash earnings per share". ANB's
management uses this non-GAAP measure in its analysis of ANB's
performance. Cash earnings is defined as net income plus
amortization expense (net of tax) applicable to intangible assets
that do not qualify as regulatory capital. Cash earnings per share
is defined as cash earnings divided by basic and diluted common
shares outstanding. ANB's management includes cash earnings
measures to compare the company's earnings exclusive of non-cash
amortization expense and because it is a measure used by many
investors as part of their analysis of ANB's performance. This
non-GAAP disclosure should not be viewed as a substitute for
results determined in accordance with GAAP, nor is it necessarily
comparable to non-GAAP performance measures which may be presented
by other companies. This press release contains forward-looking
statements as defined by federal securities laws. Statements
contained in this press release which are not historical facts are
forward-looking statements. Such statements include the parties'
expected closing date of this transaction, which is subject to
certain conditions, including regulatory approvals which may take
longer than expected. The statements regarding the parties
expectations for the proposed transaction's impact on ANB's future
earnings and earnings per share (including cash earnings per
share), are also forward-looking statements. These statements may
address issues that involve significant risks, uncertainties,
estimates and assumptions made by management. Factors that may
cause actual results to differ materially from those contemplated
by such forward-looking statements include, among others, the
following: (1) revenues following the proposed transaction are
lower than expected; (2) competitive pressure among depository
institutions increases significantly; (3) changes in the interest
rate environment reduce interest margins; (4) general economic
conditions are less favorable than expected; (5) expected cost
savings from the proposed transaction cannot be fully realized or
realized within the expected time frame; (6) costs or difficulties
related to the integration of ANB and FCB are greater than
expected; or (7) legislation or regulatory changes adversely affect
the business in which the combined company would be engaged. ANB
and FCB undertake no obligation to update these statements
following the date of this press release. In addition, ANB and FCB,
through their senior management, may from time to time make
forward-looking public statements concerning the matters described
herein. Such forward-looking statements are necessarily estimates
reflecting the best judgment of such senior management based upon
current information and involve a number of risks and
uncertainties. Certain factors which could affect the accuracy of
such forward-looking statements are identified in the public
filings made by ANB and FCB with the Securities and Exchange
Commission, and forward-looking statements contained in this press
release or in other public statements of ANB and FCB or their
senior management should be considered in light of those factors.
There can be no assurance that such factors or other factors will
not affect the accuracy of such forward-looking statements.
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