BIRMINGHAM, AL-RBC Centura Banks Inc. a wholly owned subsidiary of the Royal Bank of Canada, is preparing to acquire Alabama National BanCorp. The $1.6-billion deal is expected to close in early 2008.

Upon closing, shareholders of the Birmingham-headquartered Alabama National BanCorp. will receive $80 per share, payable either in cash, RBC shares or both. According to the agreement, RBC Centura will acquire Alabama National's 11 bank subsidiaries with 103 banking centers, eight mortgage/loan offices and 124 ATMs. As of June 30, ANB had assets of $7.9 billion, deposit balances of $5.8 billion and loans of $5.7 billion. When the deal closes, RBC Centura will have more than $33 billion in assets and 85 locations in Alabama, 89 in Florida and 68 in Georgia.

"This acquisition positions RBC Centura even better to serve the banking needs of businesses, business owners and professionals in the Southeast," Scott Custer, chairman and CEO of RBC Centura, says in a press release. RBC Centura already has a presence in North Carolina, South Carolina, Virginia, Georgia, Florida and Alabama.

An RBC Centura spokeswoman tells GlobeSt.com that Alabama National will operate under the RBC Centura brand once the merger closes. Additionally, she says some personnel changes are in the works. Alabama National's CEO John Holcomb will become vice chairman at RBC Centura and report directly to Custer. The local bank's president and COO Richard Murray IV will join RBC Centura as market president for Alabama and Florida while executive vice president and CFO Will Matthews will become president of specialty businesses.