Alabama National BanCorporation to Acquire Firstbanc Holding Co.(Originated from The Mobile Press-Register, Ala.)

Jun. 11--The holding company for First Bank of Baldwin County plans to merge with Alabama National BanCorporation.

Robertsdale-based Firstbanc Holding Co. Inc. will become the eighth bank or thrift owned by Alabama National. The transaction is subject to shareholder and regulatory approval, and the acquisition is expected to be completed by Dec. 31, according to a company statement.

First Bank has branches in Bay Minette and Daphne. As of March 31, it had assets of approximately $34 million, loans of $20 million and deposits of $30 million.

"First Bank of Baldwin County is a very successful and well-managed community bank in one of the fastest-growing counties in Alabama," said John H. Holcomb, chairman and chief executive officer of Alabama National.

Doug Montgomery, chairman of the board of Firstbanc, said the association with Alabama National "will give us the ability to provide new products and services to our customers while maintaining our local decision-making and personalized service."

Alabama National, based in Birmingham, is the sixth largest bank holding company in the state. The company operates 28 full service banks in Alabama through seven bank and thrift subsidiaries. As of March 31, Alabama National had assets of $794 million.

In trading Monday, Alabama National (NASDAQ: ALAB) was up 25 cents per share, closing the day at $12.50 per share.

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