Alabama National BanCorporation Announces Acquisition of Two Insurance Agencies.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 10, 2002

Alabama National BanCorporation (Nasdaq/NMS:ALAB) (ANB) announced today the recent acquisitions of Beiersdoerfer, Meadows and Cook Insurance (BMC) and Bill Eyerly Insurance by ANB's insurance agency subsidiary, ANB Insurance Services, Inc. (ANB Insurance). Acquisition terms were not disclosed.

Beiersdoerfer, Meadows and Cook Insurance has served the Birmingham, Montgomery, Tuscaloosa and Sylacauga, Alabama, markets for 28 years. BMC's staff and active owners, Don Cook and Danny Meadows have joined ANB Insurance and are now based in ANB Insurance's Birmingham office located at 1927 First Avenue North.

Bill Eyerly Insurance has served the Groveland and Clermont, Florida areas for 30 years. Its owners have also joined ANB Insurance and will operate out of ANB's local bank subsidiary, Peoples State Bank. ANB Insurance now has Florida offices in the Groveland-Clermont area of metropolitan Orlando and in Naples.

ANB entered the insurance arena in 1999 with the purchase of Rankin Insurance, Inc. by ANB's First American Bank in Decatur, Alabama. Since the acquisition, ANB has expanded the agency's footprint to more closely resemble that of the company, with offices in nine markets in Alabama, Florida, and Georgia. The agency's name was recently changed to ANB Insurance Services, Inc. to better reflect its regional focus.

ANB Insurance Services, Inc. provides commercial, homeowners, property and casualty, health, automobile, life and group insurance products.

ANB is a bank holding company operating 62 locations through eleven

bank subsidiaries in Alabama, Florida and Georgia. The largest subsidiary for the holding company is Birmingham-based National Bank of Commerce (NBC). Other Alabama subsidiaries include: First American Bank in Decatur/Huntsville and Auburn/Opelika; First Citizens Bank in Talladega; Bank of Dadeville; Alabama Exchange Bank in Tuskegee and First Gulf Bank in Baldwin County. Florida subsidiaries are: Citizens & Peoples Bank, N.A. in Pensacola; Community Bank of Naples, N.A.; Peoples State Bank in Groveland; and Public Bank in metropolitan Orlando and Vero Beach. ANB has one subsidiary in Georgia, Georgia State Bank in metropolitan Atlanta. ANB provides full banking services to individuals and businesses. Brokerage services are provided to customers through NBC's wholly owned subsidiary, NBC Securities, Inc. Investments are not bank guaranteed, not FDIC insured and may lose value. Insurance services are provided through ANB Insurance Services, Inc., a wholly owned subsidiary of First American Bank.