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RBC Centura to acquire Alabama National in $1.6 billion deal


RALEIGH (AP) -- RBC Centura Banks says today that it has agreed to acquire Alabama National BanCorporation in a deal valued at about $1.6 billion.

The Raleigh-based subsidiary of Royal Bank of Canada says the deal will help the company in its ongoing expansion in the Southeast.

Under the agreement, shareholders of Alabama National, which is based on Birmingham, will receive $80 in cash, RBC Centura shares or a combination of each. That marks a 51 percent premium to Alabama National's closing stock from yesterday.

The deal marks RBC Centura's third acquisition in the past 13 months as it continues to develop a large footprint across the Southeast.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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