Alabama National BanCorporation
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1981 |
| Fate | Acquired by RBC Bank |
| Headquarters | Birmingham, Alabama , United States |
Area served | Alabama, Florida, Georgia |
Key people | James A. Taylor (founder), John H. Holcomb III (CEO), James "Skip" Thompson III (CEO of First American Bank) |
| Products | Banking services, insurance services |
| Parent | RBC Bank (from 2008) |
Alabama National BanCorporation, headquartered in Birmingham, Alabama, was a bank holding company that RBC Bank acquired in 2008 for $1.6 billion. Prior to this acquisition, it ranked as Alabama's third-largest banking institution, managing assets exceeding $7 billion.
History
The National Bank of Commerce of Birmingham originated in 1965 as a family-operated community bank and went public in 1995.
Established in 1981, First American Bank of Decatur, Alabama began its operations the same year James A. Taylor bought First National Bank of Ashland. Following three additional acquisitions, Taylor formed a holding company with himself as chairman. By 1993, Alabama National BanCorporation had expanded to include two more banks and a savings and loan. In 1994, the company incorporated two additional banks and $100 million in assets, raising $10 million through its initial public offering. The following year, National Bank of Commerce added $130 million in assets by acquiring a savings and loan and became a subsidiary. Additionally, Alabama National initiated a bond division after AmSouth discontinued its operations.
In 1997, Alabama National purchased First American Bank, which held $223 million in assets compared to Alabama National's $929 million, positioning it sixth among Alabama banks. That same year marked its entry into Florida with the establishment of Citizens & Peoples Bank in Escambia County.
The company further extended its reach into Florida and entered Georgia in 1998 by acquiring Georgia State Bank of Mableton, which had $124 million in assets.
In 1999, First American Bank broadened its portfolio by acquiring Rankin Insurance Inc.
By the year 2000, CEO John H. Holcomb III highlighted that Alabama National had tripled its size over the prior five years while maintaining robust financial health.
The acquisition of Peoples State Bank of Groveland, Florida in 2001 raised total assets to $2.2 billion across eleven independently branded banks.
In 2002, ABA Insurance Services, the company's insurance subsidiary, expanded its operations into agencies throughout Alabama and Florida. At this point, the holding company oversaw $3.2 billion in assets and operated 62 branches.
Following the purchases of Indian River Banking Company ($520 million), Cypress Bancshares Inc. ($110 million), and Millennium Bank ($130 million) all based in Florida, Alabama National’s Florida assets grew to $1.4 billion with total assets reaching $3.9 billion.
An October 2004 merger with National Bank of Commerce increased First American’s assets to $2.5 billion across 33 locations. James "Skip" Thompson III assumed the role of CEO at First American Bank, which centralized its loan processing operations in Birmingham. In May 2005, First Citizens Bank of Talladega was integrated into First American.
In Florida and southern Alabama, First Gulf Bank consolidated its Pensacola and Baldwin County branches under a single brand.
In 2005, Alabama National agreed to purchase Florida Choice Bank of Mount Dora, adding $325 million in assets and expanding its footprint to 85 locations spread across ten subsidiaries.
RBC Bank acquired Alabama National in 2008 for $1.6 billion, incorporating 45 branches each in Alabama and Florida along with 13 locations in Georgia. At the time of acquisition, Alabama National managed $7.9 billion in assets. The transaction was finalized on February 26, 2008.
At that time, the subsidiaries consisted of:
- Alabama
- First American Bank (Birmingham & Huntsville)
- Alabama Exchange Bank (Tuskegee)
- Bank of Dadeville (Dadeville)
- Georgia
- Georgia State Bank (Metro Atlanta)
- The Peachtree Bank (Metro Atlanta)
- Tucker Federal Bank (Metro Atlanta)
- Florida
- Admiralty Bancorp (Palm Beach Gardens)
- Indian River National Bank (Vero Beach)
- First Gulf Bank (Escambia County & Baldwin County)
- Florida Choice Bank (Metro Orlando)
- First Community Bank of Naples
- Cypress Coquina Bank (Ormond Beach)
- Millennium Bank (Gainesville & Newberry)
On March 4, 2012, all RBC Bank branches were rebranded as PNC Bank branches following PNC Financial Services' purchase of RBC’s U.S. operations.