RBC Bank

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RBC Bank, formerly RBC Centura Bank, was the American subsidiary of the Royal Bank of Canada. RBC Bank was headquartered in Raleigh, North Carolina and had banking offices in Alabama, District of Columbia, Delaware, Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. Royal Bank of Canada originally entered the United States with the purchase of Raleigh's Centura Bank, and re-named the institution RBC Centura. That name was shortened to RBC Bank in spring 2008.

RBC entered Alabama in 2007 with the purchase of branches divested from the AmSouth/Regions merger in Tuscaloosa, Huntsville and Mobile. To further its Alabama and Florida presence, it acquired the 100-branch Alabama National BanCorp, which operated in Birmingham as First American Bank. The deal, which was valued at 50% above the the previous day's closing share price, was announced in September 2007. Regulators approved the deal in January 2008 and operational conversion was completed on June 20, 2008.

During 2009 the bank restructured its operations, removing upper level executives from its Birmingham operation. Former Alabama National CEO John Holcomb retired, CFO Will Matthews and vice president Robert Aland left. The bank's Alabama offices were afterward managed by a regional vice president based in North Carolina.

In the Summer of 2011 RBC's trust department, based in Birmingham, was acquired by the Tupelo, Mississippi-based Renasent Bank.

In June 2011, a $3.62 billion deal was struck with PNC Bank of Pittsburgh, Pennsylvania to acquire the bank. Parent company Royal Bank of Canada was seeking an exit from the United States banking market, and several suitors were in contention. At the time of the deal, PNC was the sixth largest bank by asset size in the country.

All RBC Bank branches were converted to PNC in March, 2012.

References

  • Hubbard, Russell (July 1, 2009) "Royal Bank of Canada executive James Westlake says bank is in Alabama to stay and plans to grow." Birmingham News
  • Amy, Jeff (June 20, 2011) "PNC makes RBC Bank purchase official." Press-Register
  • Cole, Antrenise (June 29, 2011) "Renasant Bank enters agreement to acquire RBC Trust Dept." Birmingham Business Journal


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