Mark, Do you know Alabama National?
Thursday March 5, 6:33 pm Eastern Time
Company Press Release
Alabama National BanCorporation Announces Merger with Public Bank Corporation
BIRMINGHAM, Ala.--(BUSINESS WIRE)--March 5, 1998--Alabama National BanCorporation (NASDAQ/NM: ALAB - news), headquartered in
Birmingham, and Public Bank Corporation of St. Cloud, Fla., today announced the signing of a definitive agreement providing for the merger of the two companies. Under the agreement, Public Bank Corporation will merge into Alabama National BanCorporation and Public Bank will become a wholly owned subsidiary of Alabama National BanCorporation. Public Bank will continue to operate under its existing name and management.
John H. Holcomb, III, Chairman of the Board and CEO of Alabama National BanCorporation, B. Robert Tucker, Vice Chairman of the Board of Public Bank Corporation, and Jack Shoffner, President of Public Bank, jointly announced the merger.
''We are quite fortunate to have reached this agreement with an excellent bank that has a strong community banking presence in St. Cloud and Kissimmee. This merger provides a strong foundation for future growth in the Florida market,'' stated Holcomb.
''We are very pleased to join the Alabama National family of community banks,'' said Tucker. ''Its philosophy of local decision making makes Alabama National an excellent merger partner for Public Bank. The merger will also allow us to provide additional products and services to our customers.''
Jack Shoffner, President of Public Bank said, ''This merger strengthens Public Bank's commitment to our community. We are joining with an organization whose corporate philosophy is based upon community banking. We will continue to grow our bank with personalized customer service.''
Alabama National BanCorporation (''ANB'') common stock is traded on the NASDAQ/National Market System under the symbol ''ALAB.'' It is the sixth largest bank holding company headquartered in Alabama, with total assets at Dec. 31, 1997 of $1.27 billion. ANB operates 39 locations in Alabama and one location in Florida through seven bank subsidiaries. The lead bank subsidiary for ANB is Birmingham-based National Bank of Commerce (''NBC''). Other ANB subsidiaries
include First American Bank [OTC BB:FBMS - news] in Decatur, First Citizens Bank, N.A. in Talladega, Bank of Dadeville, Alabama Exchange Bank in Tuskegee, First Gulf Bank in Baldwin County, and Citizens and Peoples' Bank, N.A., in Escambia County, Fla. ANB provides full banking services to individuals and businesses that prefer local bank decision-making and personalized service. Brokerage services are provided to customers through NBC's wholly-owned subsidiary,
NBC Securities, Inc.
Public Bank Corporation (''PBC''), which had total assets of $50 million at Dec. 31, 1997, is the holding company for Public Bank, based in St. Cloud, Fla. It serves its customer base through two offices located in St. Cloud and Kissimmee, Fla.
Public Bank shareholders will receive 550,000 ANB shares in the aggregate, or 0.2353134 shares for each PBC share. The agreement also contains a provision for PBC shareholders to receive up to an additional 25,000 shares under certain conditions tied to the ANB share price. Public Bank has the right to terminate the
agreement if ANB suffers a significant decline in share price. The value of the transaction is approximately $14.8 million based upon ANB's closing share price of $27.00 on Wednesday, March 4, 1998. The merger will be accounted for as a pooling of interests and is subject to regulatory approval, PBC shareholder approval, and certain other conditions. It is anticipated that the transaction will close by June 30, 1998. |
