Friday, March 09, 2007

RBC Centura to Convert 39 AmSouth Branches

  
Triangle Business Journal, 9 March 2007

RBC Centura Bank is set to take over the 39 Southeastern bank branches it bought from AmSouth last fall for an undisclosed amount.

The 26 Alabama branches, along with 13 in Tennessee and Mississippi, will be converted this weekend to the RBC Centura name.

Birmingham, Ala.-based AmSouth Bancorporation agreed last fall to sell the branches to RBC Centura in order to meet stipulations set by the U.S. Department of Justice and the Federal Reserve Board on AmSouth's merger with Regions Financial Corp., another Birmingham bank.

RBC Centura Chief Executive Officer Scott Custer said in a written statement in November that the acquisition was a "strategic and logical" extension of the company's footprint in Alabama, a state that has experienced strong economic growth in the past five years.

The transaction will make RBC Centura Alabama's seventh largest financial institution by deposits. Combined, the 39 branches have approximately $1.5 billion in loans and $2 billion in deposits as of July 31.
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Birmingham Business Journal, 8 March 2007

RBC Centura Bank this weekend will take over the 39 bank branches it has bought from AmSouth, marking its arrival in the state's tumultuous banking market.

AmSouth Bancorporation agreed to sell the Alabama branches, along with 13 others in Tennessee and Mississippi, last fall to meet stipulations by the U.S. Department of Justice and the Federal Reserve Board of the company's merger with Regions Financial Corp.

The two Birmingham banks combined in November 2006 to form a top-10 U.S. bank holding company under the Regions name with more than $140 billion in total assets in 16 states.

Raleigh, N.C.-based RBC, a subsidiary of Toronto-based Royal Bank of Canada, agreed to purchase the Alabama branches, which bring with them about $1.5 billion in loans and $2 billion in deposits in the Mobile, Huntsville, Montgomery, Tuscaloosa, Selma and Decatur markets.

All of the Alabama branches will be converted this weekend to the RBC name.
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RBC repurchased 1 million shares between 20 Feb 2007 & 28 Feb 2007. RBC cancelled 875,000 shares between 23 Feb 2007 & 5 Mar 2007.
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