 | |
| Industry | Finance and Insurance |
|---|---|
| Founded | 1986 |
| Defunct | February 25, 2008 |
| Fate | Merged withRBC Bank |
| Successor | RBC Bank |
| Headquarters | Birmingham, Alabama, United States |
Key people | John H. Holcomb, III,Chief Executive Officer |
| Products | Financial services |
Number of employees | 1,789 (2006) |
Alabama National BanCorporation based inBirmingham, Alabama, was abank holding company which was purchased byRBC Bank in 2008 for $1.6 billion. Prior to the RBC deal, the bank was the third largest banking company in Alabama with over $7 billion assets.[citation needed]
National Bank of Commerce of Birmingham started in 1965 as a family-owned community bank. It was first publicly traded in 1995.
First American Bank ofDecatur, Alabama started in 1981. That same year, James A. Taylor bought First National Bank ofAshland. After three more acquisitions, Taylor started a holding company of which he became chairman. By 1993, two more banks and asavings and loan had become part of Alabama National BanCorporation. In 1994, the company added two more banks and $100 million in assets. Later that year, the company received $10 million from itsinitial public offering. In 1995, National Bank of Commerce, with $130 million more in assets, became a subsidiary of Alabama National after NBC won a deal for a savings and loan. Alabama National also started abond business afterAmSouth closed its bond division.[1]
Alabama National took over First American in 1997,[2] when First American had $223 million in assets and Alabama National had $929 million, ranking sixth in Alabama. Also in 1997, Alabama National enteredFlorida by opening Citizens & Peoples Bank inEscambia County.
In 1998, Alabama National added two more Florida banks and enteredGeorgia. The company bought Georgia State Bank ofMableton, with $124 million in assets.
First American Bank bought RankinInsurance Inc. in 1999.[1]
In 2000, chairman and CEO John H. Holcomb III said, "In the last five years, Alabama National has approximately tripled in size, while continuing to have a very strong performance record."[3]
With the addition of Peoples State Bank ofGroveland, Florida in 2001, with $130 million in assets, Alabama National had $2.2 billion in assets and eleven banks which continued to use their own names.
During 2002, insurance subsidiary ABA Insurance Services Inc. bought agencies in Alabama in Florida. The bank holding company had $3.2 billion in assets and 62 branches.
After buying Indian River Banking Company ofVero Beach ($520 million in assets), Cypress Bancshares Inc. ($110 million) ofPalm Coast and Millennium Bank ofGainesville ($130 million), Alabama national had $1.4 billion in Florida assets, and $3.9 billion in total assets.[1]
In October 2004, Alabama National announced a deal with National Bank of Commerce which would give First American $2.5 billion in assets and 33 locations. In much of Alabama, the company would operate as First American. First American Bank had 16 locations before the merger, and James "Skip" Thompson III of Decatur, previously First American president and COO, became that bank's new CEO. After the merger, First American's loan operations moved to Birmingham. Also, First Citizens Bank ofTalladega became part of First American in May 2005.[4]
In Florida and southern Alabama, First Gulf Bank ofPensacola, Florida and First Gulf Bank ofBaldwin County became First Gulf Bank.[5]
In 2005, Alabama National announced that it agreed to buy Florida Choice Bank ofMount Dora, with $325 million in assets, and six locations with plans for two more. The deal gave Alabama National 10 subsidiaries with 85 locations.[6]
In 2008, RBC Bank bought Alabama National for $1.6 billion, adding 45 locations each in Alabama and Florida, and 13 in Georgia.[7] Alabama National had $7.9 billion in assets.[8] The deal became final February 26, 2008.[2] At the time, Alabama National operated these subsidiaries:
On March 4, 2012, all RBC Bank branches becamePNC Bank branches, afterPNC Financial Services' acquisition of RBC's American assets.
