RBC Centura acquires Alabama National BanCorporation
September 06 2007 - 8:20AM
PR Newswire (US)
Deal expands RBC Centura's network to more than 440 locations
throughout high-growth Southeastern markets RALEIGH, NC, Sept. 6
/PRNewswire-FirstCall/ -- RBC Centura Banks, Inc., a wholly owned
subsidiary of Royal Bank of Canada (RY on TSX and NYSE), and
Birmingham-based Alabama National BanCorporation (NASDAQ:ALAB)
today announced the signing of a definitive merger agreement
pursuant to which RBC Centura Banks, Inc., will acquire Alabama
National BanCorporation (ANB), parent of 11 subsidiary banks and
other affiliated businesses in, Alabama, Florida and Georgia. Under
the agreement, shareholders of ANB will receive $80 per share
payable in cash, RBC shares or a combination of each, valuing the
deal at approximately $1.6 billion, with the total transaction
consideration consisting one half of cash and one half of RBC
shares. The acquisition is subject to customary closing conditions,
including approval by U.S. and Canadian regulators and by ANB
shareholders. The transaction, scheduled to close in early 2008, is
expected to make a significant contribution to RBC Centura's
revenue growth in the near term and be accretive to RBC earnings in
2009. "This acquisition positions RBC Centura even better to serve
the banking needs of businesses, business owners and professionals
in the Southeast," said Scott Custer, chairman and chief executive
officer of RBC Centura. "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. "By adding 45 locations in Alabama, 45
locations in Florida and 13 locations in Georgia, the acquisition
of ANB is a logical step for RBC Centura to gain market share in
the Southeast," Custer said. "I am very pleased to have ANB join
forces with RBC," said John H. Holcomb III, ANB Chairman and CEO.
"Our company's success over the years can be attributed to the
talented individuals we've hired and who have joined us from
acquisitions. Similarly, I'm excited about the prospect of future
success as our team joins RBC and leverages the cultural and
geographic fit between our organizations and as we become part of
one of North America's leading financial service organizations."
"This acquisition reflects RBC's stated approach to expand
strategically in the U.S." Custer said. "We are continuing to
pursue investments that will grow our business in high growth
markets and bring diverse service offerings and capabilities to new
and existing customers." Under the agreement, RBC Centura will
acquire ANB, which includes 11 bank subsidiaries with 103 banking
centers, eight mortgage/loan offices and 124 ATMs. As of June 30,
2007, ANB had assets of $7.9 billion, deposit balances of $5.8
billion and loans of $5.7 billion. Upon completion of the
transaction, RBC Centura will surpass $33 billion in assets and
will grow to 85 locations in Alabama, 89 locations in Florida and
68 in Georgia. The transaction extends RBC's growing U.S. financial
services platform focused on banking and wealth management. In
addition to RBC Centura, RBC's U.S. operations include: RBC Dain
Rauscher, a full-service securities firm headquartered in
Minneapolis; RBC Insurance, a national provider of insurance
protection and asset accumulation solutions based in Greenville,
S.C.; RBC Capital Markets, with corporate and investment banking
operations in New York, Minneapolis, Greenwich and other select
U.S. locations; and Global Private Banking with offices in New
York, Miami, Houston and San Francisco. About ANB ANB is a bank
holding company operating 103 banking locations through eleven 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 including metro
Orlando; Community Bank of Naples, N.A.; Cypress Coquina 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. About RBC Centura Banks, Inc. RBC
Centura offers a wide range of financial services and advice,
including a complete line of banking, investment, loan, mortgage,
life insurance, and other services, to individuals, businesses and
public institutions throughout the Southeast. RBC Centura's
multifaceted customer access network includes more than 340
full-service banking centers, an extensive ATM network, and
telephone and Internet banking. In addition, RBC Centura offers
builder finance products through its RBC Builder Finance division.
RBC Centura Banks, Inc. is a wholly owned subsidiary of Royal Bank
of Canada (RY on TSX and NYSE). Additional information about RBC
Centura may be found at http://www.rbccentura.com/. About RBC Royal
Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name of RBC. We are Canada's largest bank as
measured by assets and market capitalization and one of North
America's leading diversified financial services companies. We
provide personal and commercial banking, wealth management
services, insurance, corporate and investment banking and
transaction processing services on a global basis. Our corporate
support team enables business growth with expert professional
advice and state-of-the art processes and technology. We employ
approximately 70,000 full- and part-time employees who serve more
than 15 million personal, business, public sector and institutional
clients throughout offices in North America and 34 countries around
the world. For more information, please visit http://www.rbc.com/.
Safe Harbor Regarding Forward-Looking Statements
------------------------------------------------ Certain statements
contained in this press release may be deemed to be forward-looking
statements under certain securities laws, including the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian
securities legislation, and RBC and Alabama National BanCorporation
("ANB") intend that such forward-looking statements be subject to
the safe-harbor created thereby. The words "may," "could,"
"should," "would," "will", "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," "forecast", and words
and expressions of similar import are intended to identify
forward-looking statements. By their very nature, forward-looking
statements involve numerous assumptions, and inherent risks and
uncertainties, both general and specific, and risks exist that
predictions, expectations, projections and other forward-looking
statements, including statements about the proposed acquisition of
ANB by RBC Centura, will not be achieved. We caution readers not to
place undue reliance on these statements as a number of important
factors could cause our actual results to differ materially from
the beliefs, plans, objectives, expectations, anticipations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to the
possibility that the proposed transaction does not close when
expected or at all because required regulatory, shareholder or
other approvals are not received or other conditions to the closing
are not satisfied on a timely basis or at all, that RBC Centura and
ANB may be required to modify the terms and conditions of the
proposed transaction to achieve regulatory or shareholder approval,
or that the anticipated benefits of the transaction are not
realized as a result of such things as the strength of the economy
and competitive factors in the areas where ANB does business; the
impact of changes in the laws and regulations regulating financial
services and enforcement thereof (including banking, insurance and
securities); judicial judgments and legal proceedings; RBC
Centura's ability to complete the acquisition of ANB and to
integrate it with RBC Centura successfully; reputational risks, and
other factors that may affect future results of Royal Bank of
Canada, RBC Centura and ANB, including changes in trade policies,
timely development and introduction of new products and services,
changes in tax laws, and technological and regulatory changes. We
caution that the foregoing list of important factors is not
exhaustive. Royal Bank of Canada, RBC Centura and ANB assume no
obligation to update the forward-looking statements contained in
this press release. DATASOURCE: RBC Financial Group CONTACT: Media
Contacts: Kristen Doherty, RBC Centura, (919) 788-6076; Jackie
Braden, RBC, (416) 974-2124; Will Matthews, ANB, (205) 583-3650;
Investor contacts: Marcia Moffat, Investor Relations, RBC, (416)
955-7803; Bill Anderson, Investor Relations, RBC, (416) 955-7804;
For general investor relations information please visit
http://www.rbc.com/investorrelations; Will Matthews, ANB, (205)
583-3650
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