Alabama National sets meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Alabama National BanCorporation will hold a special meeting of shareholders on Jan. 24 to vote on the company's acquisition by RBC Centura Banks, Inc., a wholly owned subsidiary of Toronto-based Royal Bank of Canada.

Under the merger agreement, shareholders can elect to receive $80 cash or 1.55 Royal Bank of Canada common shares for each share of Alabama National.

The cash and stock deal is valued at some $1.6 billion and is slated to close in early 2008.

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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