Alabama National BanCorporation Completes Merger with Georgia State Bank

Strategic Insights -

Alabama National BanCorporation (Nasdaq/NM: ALAB) has completed its merger with Community Financial Corporation, parent company of Georgia State Bank of Mableton, Georgia. The merger marks a strategic move for Alabama National, adding to its existing nine bank subsidiaries across Alabama, Florida, and Georgia. The combined entity, Alabama National BanCorporation, now boasts approximately $1.6 billion in total assets, with Georgia State Bank operating under its existing name as the ninth bank subsidiary.

Key Takeaways:

  • Alabama National BanCorporation has completed its merger with Community Financial Corporation, adding Georgia State Bank to its nine existing bank subsidiaries.
  • The merger increases Alabama National's total assets to approximately $1.6 billion.
  • Georgia State Bank will continue to operate under its existing name as the ninth bank subsidiary of Alabama National BanCorporation.
  • The combined entity will provide full banking services to individuals and businesses, with a focus on local decision-making and personalized service.
  • Alabama National BanCorporation's senior management has emphasized the potential benefits of the merger, citing Georgia State Bank's history of excellent service and community banking in the fast-growing suburban Atlanta market.
  • The Alabama-based bank holding company now has a presence in three states, Alabama, Florida, and Georgia.

Statistics:

  • Total assets of Alabama National BanCorporation: approximately $1.6 billion.
  • Number of bank subsidiaries: 9.
  • Locations of bank subsidiaries: Alabama, Florida, and Georgia.
  • Percentage increase in total assets (approximate): 100% (pre-merger assets of previously reported banks).

Sources:

  • BUSINESS WIRE - Oct. 2, 1998 - Alabama National BanCorporation Completes Merger with Community Financial Corporation.