Alabama National shareholders OK merger with Royal Bank of Canada subsidiary

By Lisa Kerner

Charlotte, N.C., Jan. 24 - Alabama National BanCorporation stockholders approved the adoption of the merger agreement with RBC Centura Banks, Inc., a wholly owned subsidiary of Toronto-based Royal Bank of Canada, at a special meeting on Jan. 24.

Under the merger agreement, Alabama National will be merged with and into RBC Centura, with RBC Centura as the surviving corporation.

The merger is expected to close between Feb. 1 and April 30, according to an Alabama National news release.

Alabama National shareholders have until 6 p.m. ET on Jan. 31 to elect to receive $80 in cash or RBC common shares worth $80, subject to proration.

It was previously reported that the cash and stock deal is valued at some $1.6 billion.

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 offers banking services in the southeastern United States.

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