Alabama National BanCorporation Announces the Sale of Its Subsidiary, ANB Insurance Services, Inc.
April 11 2007 - 6:00PM
PR Newswire (US)
BIRMINGHAM, Ala., April 11 /PRNewswire-FirstCall/ -- Alabama
National BanCorporation (NASDAQ:ALAB) ("ANB"), announced today the
signing of a definitive agreement for the sale of its subsidiary,
ANB Insurance Services, Inc., to S.S. Nesbitt & Co., Inc., a
subsidiary of Birmingham-based EBSCO Industries, Inc. Terms were
not disclosed. The sale, which is subject to certain conditions of
closing, is expected to close in the second quarter. ANB is a bank
holding company operating 102 banking locations through twelve bank
subsidiaries in Alabama, Florida and Georgia. Alabama subsidiaries
include: First American Bank in north central Alabama; Alabama
Exchange Bank in Tuskegee; and Bank of Dadeville. Florida
subsidiaries are: Indian River National Bank in Vero Beach; First
Gulf Bank, N.A. in Escambia County, Florida and Baldwin County,
Alabama; Florida Choice Bank in Central Florida; Community Bank of
Naples, N.A.; Public Bank in metropolitan Orlando; CypressCoquina
Bank in Ormond Beach; and Millennium Bank in Gainesville. ANB has
two subsidiaries in Georgia: Georgia State Bank and The Peachtree
Bank, both in metropolitan Atlanta. ANB provides full banking
services to individuals and businesses. Commercial mortgage
services, including the origination of permanent commercial real
estate mortgage loans for various lenders, are provided by Byars
and Company, a division of First American Bank. 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. Alabama National
BanCorporation common stock is traded on the NASDAQ Global Select
Market under the symbol "ALAB." DATASOURCE: Alabama National
BanCorporation CONTACT: John H. Holcomb, III, Chairman of the Board
and Chief Executive Officer, +1-205-583-3648, or William E.
Matthews, V, Executive Vice President and Chief Financial Officer,
+1-205-583-3650, both of Alabama National BanCorporation Web site:
http://www.alabamanational.com/
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