Canadian bank moves in next March

Friday, November 03, 2006

By MARIAN ACCARDI

Times Business Writer accardi@htimes.com

RBC Centura will buy six AmSouth branches in area

A name new to banking in Alabama will appear in Huntsville, Madison, Decatur and four other cities in the state next year.

RBC Centura Bank, a subsidiary of the Royal Bank of Canada, agreed Wednesday to buy 39 AmSouth branches, including four in Huntsville and one each in Madison and Decatur.

Birmingham-based AmSouth Bancorp. is selling a total of 52 branches in Alabama, Mississippi and Tennessee to three purchasers. The sale addresses regulators' competitive concerns related to AmSouth's merger with Regions Financial Corp., also of Birmingham.

The branch sales are subject to regulatory approval. The purchase price was not disclosed. "Early March is the targeted conversion date," RBC Centura spokeswoman Kristen Doherty said.

RBC Centura will offer jobs to all employees of the AmSouth branches. "We do expect to add to the employee base in certain markets," Doherty said.

RBC Centura, based in Raleigh, N.C., has more than 270 full-service branches in the Carolinas, Virginia, Georgia and Florida.

"This acquisition provides us with an attractive client and business base that supports RBC Centura's overall strategy of disciplined, affordable investments to expand our distribution network," Scott Custer, CEO of RBC Centura, said in a news release. "This acquisition satisfies our criteria for finding opportunities that have a good economic, strategic and cultural fit."

Moving into Alabama is a "logical step" for RBC Centura since the bank has branches in neighboring states, Doherty said Thursday. Alabama markets where RBC Centura will acquire AmSouth branches are similar to markets where the bank already has a long-standing presence, she said.

This is RBC Centura's second purchase this year. In August, the bank said it would acquire Flag Financial Corp., which operates 17 branches in the Atlanta area and central and western Georgia. That deal is expected to close Dec. 8.

The $10 billion Regions-AmSouth deal is expected to close this weekend.



Canadian bank moves in next March Friday, November 03, 2006 By MARIAN ACCARDI Times Business Writer accardi@htimes.com RBC Centura will buy six AmSouth branches in area A name new to banking in Alabama will appear in Huntsville, Madison, Decatur and four other cities in the state next year. RBC Centura Bank, a subsidiary of the Royal Bank of Canada, agreed Wednesday to buy 39 AmSouth branches, including four in Huntsville and one each in Madison and Decatur. Birmingham-based AmSouth Bancorp. is selling a total of 52 branches in Alabama, Mississippi and Tennessee to three purchasers. The sale addresses regulators' competitive concerns related to AmSouth's merger with Regions Financial Corp., also of Birmingham. The branch sales are subject to regulatory approval. The purchase price was not disclosed. "Early March is the targeted conversion date," RBC Centura spokeswoman Kristen Doherty said. RBC Centura will offer jobs to all employees of the AmSouth branches. "We do expect to add to the employee base in certain markets," Doherty said. RBC Centura, based in Raleigh, N.C., has more than 270 full-service branches in the Carolinas, Virginia, Georgia and Florida. "This acquisition provides us with an attractive client and business base that supports RBC Centura's overall strategy of disciplined, affordable investments to expand our distribution network," Scott Custer, CEO of RBC Centura, said in a news release. "This acquisition satisfies our criteria for finding opportunities that have a good economic, strategic and cultural fit." Moving into Alabama is a "logical step" for RBC Centura since the bank has branches in neighboring states, Doherty said Thursday. Alabama markets where RBC Centura will acquire AmSouth branches are similar to markets where the bank already has a long-standing presence, she said. This is RBC Centura's second purchase this year. In August, the bank said it would acquire Flag Financial Corp., which operates 17 branches in the Atlanta area and central and western Georgia. That deal is expected to close Dec. 8. The $10 billion Regions-AmSouth deal is expected to close this weekend. © 2006 The Huntsville Times © 2006 al.com All Rights Reserved.