Alabama National BanCorporation
Encyclopedia
Alabama National BanCorporation based in Birmingham
, Alabama
, was a bank holding company which was purchased by RBC Bank
in 2008 for $1.6 billion. Prior to the RBC deal, the bank was the no. 3 banking company in Alabama with over $7 billion assets.
First American Bank of Decatur, Alabama
started in 1981. That same year, James A. Taylor bought First National Bank of Ashland
. After three more acquisitions, Taylor started a holding company of which he became chairman. By 1993, two more banks and a savings 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 its initial 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 a bond
business after AmSouth closed its bond division.
Alabama National took over First American in 1997, when First American had $223 million in assets and Alabama National had $929 million, ranking sixth in Alabama. Also in 1997, Alabama National entered Florida
by opening Citizens & Peoples Bank in Escambia County
.
In 1998, Alabama National added two more Florida banks and entered Georgia
. The company bought Georgia State Bank of Mableton
, with $124 million in assets.
First American Bank bought Rankin Insurance
Inc. in 1999.
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."
With the addition of Peoples State Bank of Groveland, 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 of Vero Beach
($520 million in assets), Cypress Bancshares Inc. ($110 million) of Palm Coast
and Millennium Bank of Gainesville
($130 million), Alabama national had $1.4 billion in Florida assets, and $3.9 billion in total assets.
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 of Talladega
became part of First American in May 2005.
In Florida and southern Alabama, First Gulf Bank of Pensacola, Florida
and First Gulf Bank of Baldwin County
became First Gulf Bank.
In 2005, Alabama National announced that it agreed to buy Florida Choice Bank of Mount Dora
, with $325 million in assets, and six locations with plans for two more. The deal gave Alabama National 10 subsidiaries with 85 locations.
In 2008, RBC Bank bought Alabama National for $1.6 billion, adding 45 locations each in Alabama and Florida, and 13 in Georgia. Alabama National had $7.9 billion in assets. The deal became final February 26, 2008. At the time, Alabama National operated these subsidiaries:
Alabama:
Georgia:
Florida:
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, was a bank holding company which was purchased by RBC Bank
RBC Bank
RBC Bank, formerly Centura Banks, is the United States retail banking division of the Royal Bank of Canada. The headquarters for the bank are located in Raleigh, North Carolina. Banking centers and automated teller machines are located throughout the Southeastern United States...
in 2008 for $1.6 billion. Prior to the RBC deal, the bank was the no. 3 banking company in Alabama with over $7 billion assets.
History
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 of Decatur, Alabama
Decatur, Alabama
Decatur is a city in Limestone and Morgan Counties in the U.S. state of Alabama. The city, affectionately known as "The River City", is located in Northern Alabama on the banks of Wheeler Lake, along the Tennessee River. It is the largest city and county seat of Morgan County...
started in 1981. That same year, James A. Taylor bought First National Bank of Ashland
Ashland, Alabama
Ashland is a town in Clay County, Alabama, United States. The population was 1,965 at the 2000 census, at which time it was a city; according to 2005 Census Bureau estimates, the population was 1,885. The town is the county seat of Clay County.-History:...
. After three more acquisitions, Taylor started a holding company of which he became chairman. By 1993, two more banks and a savings 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 its initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
. 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 a bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
business after AmSouth closed its bond division.
Alabama National took over First American in 1997, when First American had $223 million in assets and Alabama National had $929 million, ranking sixth in Alabama. Also in 1997, Alabama National entered Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
by opening Citizens & Peoples Bank in Escambia County
Escambia County, Florida
Escambia County is the westernmost county in the U.S. state of Florida. The 2010 population was 297,619. The U.S. Census Bureau 2005 estimate for the county is 296,772. Its county seat is Pensacola.- History :...
.
In 1998, Alabama National added two more Florida banks and entered Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
. The company bought Georgia State Bank of Mableton
Mableton, Georgia
Mableton is a census-designated place in Cobb County, Georgia, United States. As of the 2010 census, the CDP had a population of 37,115.It was named for Robert Mable, who in 1843 bought 300 acres of land on September 11...
, with $124 million in assets.
First American Bank bought Rankin Insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
Inc. in 1999.
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."
With the addition of Peoples State Bank of Groveland, Florida
Groveland, Florida
Groveland is a city in Lake County, Florida, United States. The population was 2,360 at the 2000 census. The Census Bureau estimated the population in 2008 to be 7,647...
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 of Vero Beach
Vero Beach, Florida
Vero Beach is a city in Indian River County, Florida, USA. According to the U.S. Census Bureau's 2006 estimates, the city had a population of 16,939. It is the county seat of Indian River County...
($520 million in assets), Cypress Bancshares Inc. ($110 million) of Palm Coast
Palm Coast, Florida
Palm Coast is a city in Flagler County, Florida. As of the 2010 census, the population was 75,180; it is the most populous city or town in Flagler County. Palm Coast is a principal town of the Palm Coast, Florida Metropolitan Statistical Area, designated in 2007...
and Millennium Bank of Gainesville
Gainesville, Florida
Gainesville is the largest city in, and the county seat of, Alachua County, Florida, United States as well as the principal city of the Gainesville, Florida Metropolitan Statistical Area . The preliminary 2010 Census population count for Gainesville is 124,354. Gainesville is home to the sixth...
($130 million), Alabama national had $1.4 billion in Florida assets, and $3.9 billion in total assets.
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 of Talladega
Talladega, Alabama
Talladega is a city in Talladega County, Alabama, United States. At the 2000 census the population was 15,143. The city is the county seat of Talladega County. Talladega is approximately 50 miles east of Birmingham, Alabama....
became part of First American in May 2005.
In Florida and southern Alabama, First Gulf Bank of Pensacola, Florida
Pensacola, Florida
Pensacola is the westernmost city in the Florida Panhandle and the county seat of Escambia County, Florida, United States of America. As of the 2000 census, the city had a total population of 56,255 and as of 2009, the estimated population was 53,752...
and First Gulf Bank of Baldwin County
Baldwin County, Alabama
-2010:Whereas according to the 2010 U.S. Census Bureau:*85.7% White*9.4% Black*0.7% Native American*0.7% Asian*0.0% Native Hawaiian or Pacific Islander*1.5% Two or more races*4.4% Hispanic or Latino -2000:...
became First Gulf Bank.
In 2005, Alabama National announced that it agreed to buy Florida Choice Bank of Mount Dora
Mount Dora, Florida
Mount Dora is a U.S. city in Lake County, Florida. As of July 1, 2006, the U.S. Census Bureau estimates the Mount Dora population at 11,564. It is part of the Orlando–Kissimmee Metropolitan Statistical Area.-History:...
, with $325 million in assets, and six locations with plans for two more. The deal gave Alabama National 10 subsidiaries with 85 locations.
In 2008, RBC Bank bought Alabama National for $1.6 billion, adding 45 locations each in Alabama and Florida, and 13 in Georgia. Alabama National had $7.9 billion in assets. The deal became final February 26, 2008. At the time, Alabama National operated these subsidiaries:
Alabama:
- First American Bank (Birmingham & HuntsvilleHuntsville, AlabamaHuntsville is a city located primarily in Madison County in the central part of the far northern region of the U.S. state of Alabama. Huntsville is the county seat of Madison County. The city extends west into neighboring Limestone County. Huntsville's population was 180,105 as of the 2010 Census....
) - Alabama Exchange Bank (TuskegeeTuskegee, AlabamaTuskegee is a city in Macon County, Alabama, United States. At the 2000 census the population was 11,846 and is designated a Micropolitan Statistical Area. Tuskegee has been an important site in various stages of African American history....
) - Bank of Dadeville (DadevilleDadeville, AlabamaDadeville is a city in Tallapoosa County, Alabama, United States. At the 2000 census the population was 3,212. The city is the county seat of Tallapoosa County.Dadeville is part of the Alexander City Micropolitan Statistical Area.-History:...
)
Georgia:
- Georgia State Bank (Metro AtlantaMetro AtlantaThe Atlanta metropolitan area or metro Atlanta, officially designated by the US Census Bureau as the Atlanta-Sandy Springs-Marietta Metropolitan Statistical Area, is the most populous metro area in the U.S. state of Georgia and the ninth-largest metropolitan statistical area in the United States...
) - The Peachtree Bank (Metro Atlanta)
- Tucker Federal Bank (Metro Atlanta)
Florida:
- Admiralty Bancorp (Palm Beach Gardens, FL)
- Indian River National Bank (Vero BeachVero Beach, FloridaVero Beach is a city in Indian River County, Florida, USA. According to the U.S. Census Bureau's 2006 estimates, the city had a population of 16,939. It is the county seat of Indian River County...
) - First Gulf Bank (Escambia CountyEscambia County, FloridaEscambia County is the westernmost county in the U.S. state of Florida. The 2010 population was 297,619. The U.S. Census Bureau 2005 estimate for the county is 296,772. Its county seat is Pensacola.- History :...
, FL & Baldwin CountyBaldwin County, Alabama-2010:Whereas according to the 2010 U.S. Census Bureau:*85.7% White*9.4% Black*0.7% Native American*0.7% Asian*0.0% Native Hawaiian or Pacific Islander*1.5% Two or more races*4.4% Hispanic or Latino -2000:...
, AL) - Florida Choice Bank (Metro Orlando)
- First Community Bank of Naples (NaplesNaples, FloridaNaples is a city in Collier County, Florida, United States. As of July 1, 2007, the U.S. Census Bureau estimated the city's population at 21,653. Naples is a principal city of the Naples–Marco Island Metropolitan Statistical Area, which had an estimated total population of 315,839 on July 1, 2007...
) - Cypress Coquina Bank (Ormond BeachOrmond Beach, FloridaOrmond Beach is a city in Volusia County, Florida, United States. The population was 36,301 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 37,929. Ormond Beach is the northern neighbor of Daytona Beach and is home to Tomoka State Park.-History:Ormond Beach was...
) - Millennium Bank (GainesvilleGainesville, FloridaGainesville is the largest city in, and the county seat of, Alachua County, Florida, United States as well as the principal city of the Gainesville, Florida Metropolitan Statistical Area . The preliminary 2010 Census population count for Gainesville is 124,354. Gainesville is home to the sixth...
& NewberryNewberry, FloridaNewberry is a city located on the west side of Alachua County, Florida, United States. The population was 3,316 at the 2000 census. As of 2004, the population estimated by the U.S. Census Bureau is 3,630 . Much of the city borders the neighboring Gilchrist County to the west...
)