First American Bank

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First American Bank (originally the National Bank of Commerce) was the lead subsidiary bank of Alabama National BanCorporation, which was headquartered at 1927 1st Avenue North in Downtown Birmingham. When it was acquired by RBC Bank, First American had 35 branches across the state of Alabama.

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The National Bank of Commerce (NBC) was founded in 1965 with members of the McWane family as major depositors. The bank's holding company went public in 1995 and Phillip McWane, its largest single investor, held 1.24 million shares. It quickly acquired numerous other small banks which were merged together to form First American Bank in 2005.

On September 6, 2007, it was announced that Alabama National and its subsidiaries were being acquired by RBC Centura Bank, the U.S. subsidiary of the Royal Bank of Canada, in a $1.6 billion deal. RBC Centura had entered the state earlier in the year by acquiring some divested branches in Huntsville and Tuscaloosa from the AmSouth-Regions merger. The deal was approved in January 2008. First American branches were converted to RBC Bank (the bank dropped "Centura" from its name in late 2007) on June 20.

A new National Bank of Commerce was created by the takeover of Red Mountain Bank in 2010.

See also

Another "National Bank of Commerce", based in Starkville, Mississippi, changed its name to Cadence Bank in 2005 just before it opened a branch in Birmingham.

References

  • "Alabama National being bought for $1.6 billion", Birmingham News, September 6, 2007.

External Links

First American Bank website