Alabama National BanCorporation Completes Acquisition of Cypress Bankshares, Inc. and Indian River Banking Company.Business Editors BIRMINGHAM--(BUSINESS WIRE)--Feb. 27, 2004 Alabama National BanCorporation (NASDAQ/NMS: ALAB) ("ANB"), headquartered in Birmingham, Alabama, today announced the completion of its acquisition of Cypress Bankshares, Inc. of Palm Coast, Florida Palm Coast a city in Flagler County, Florida, United States. As of 2006, the population recorded by the U.S. Census Bureau is 68,013.[3] Palm Coast is the principal city of the Palm Coast, Florida Metropolitan Statistical Area, designated in 2007. and Indian River Banking Company of Vero Beach, Florida Vero Beach is a city in Indian River County, Florida, USA. According to the U.S. Census Bureau's 2006 estimates, the city had a population of 19,916.[2] It is the county seat of Indian River CountyGR6. . The Company also announced the election of a new director. Indian River had assets of approximately $550 million as of January 31, 2004. Its primary subsidiary, Indian River National Bank, was founded in 1985, and serves its customer base through eight offices located in Indian River County and Brevard County, Florida Brevard County is a county located in the U.S. state of Florida, along the coast of the Atlantic Ocean. As of 2007 U.S. Census Bureau estimates, the population is 534,359[1]. Because of the presence of the John F. . Cypress had assets of approximately $115 million as of January 31, 2004. Founded in 1999, Cypress Bank serves its customer base through two offices located in Palm Coast and Flagler Beach, Florida Flagler Beach is a city in Flagler County, Florida, United States. The population was 4,954 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 5,228. . In conjunction with the Indian River transaction, Griffin A. Greene, Chairman of Indian River's Board of Directors since 2002, was elected to the board of ANB. Greene has been involved in the citrus industry since 1982 and serves as president and co-owner of Greene Citrus Management, Inc. and as an officer of its affiliated companies. ANB is a bank holding company that, following these acquisitions, operates 79 locations through fourteen bank subsidiaries in Alabama, Florida and Georgia. Total ANB assets upon completion of the acquisitions were approximately $4.7 billion. The largest subsidiary for the holding company is Birmingham-based National Bank of Commerce (NBC). Other Alabama subsidiaries include: First American Bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. in Decatur/Huntsville, Athens 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.; Cypress Bank in Palm Coast; Indian River National Bank in Vero Beach; Millennium Bank in Gainesville; 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , NBC Securities, Inc. Investments are not bank guaranteed, not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured and may lose value. Insurance services are provided through ANB Insurance Services, Inc., a wholly owned subsidiary of First American Bank. Alabama National BanCorporation common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol "ALAB." |
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