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Birmingham-based Banks


Blazer85

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Well... from what I understand, several Compass execs. are signed into high positions in BBVC. The 3 Texas branches also purchased by BBVC will be converted to the Compass name. I also think that the Compass name will remain for good (with only maybe minor changes to the name). Now the HQ, that's another story. Certainly hopeful they will stay here...at least for the foreseeable future. But I don't see them ever going to the name "Banco Bilbao"... not for this country anyway. Maybe BBVC will by up other southeastern banks and convert them to the Compass name as well.

Trying to be optimistic. Still a little skeptical, but probably not as bad as losing it to Wachovia, SunTrust, BB&T, or some other similar bank. Maybe BBVC will pay for Compass to have a new skyscraper HQ in Birmingham. I can dream anyway.

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  • 2 months later...

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People can say what they will about Birmingham losing some of our bigger banks, but banking remains a big part of our industry still here with the following banks headquartered here (most of which are actively growing and acquiring new banks):

BANK/CORP. (ASSETS)

Regions Financial ($143B)

Compass Bancshares ($34B)

Alabama National BanCorp ($6.7B)

Superior Bancorp ($2.5B)

New South Federal ($1.7B)

Nexity Financial ($900M)

ServisFirst ($700M)

CapitalSouth ($500M)

Alamerica ($70M)

Bryant Bank (???)

Pinnacle Bank (???)

Red Mountain Bank (???)

SouthPoint Bank (???)

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Although I read in a couple of places in the BBJ and News that most of those banks are in acquistion mode, that it will be at least 1-2 decades before any of those other top 5 will become big names in the banking industry. I think the problem is the huge gap between #2 and #3 on that list is why so many economic experts are concerned about our future in the banking industry.

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I dont see any danger. Outside of Regions, we're not as big on the national scene, but certainly still a powerful regional banking center. Too many people are invested in this type of occupation.

Just look at SouthPoint... it was formed by the joining of some laid-off executives from SouthTrust (hence the name similarity). It's done quite well in a short period of time and they're about to open a new branch in Gardendale soon.

Same can be said of ServisFirst. It opened just 2 years ago and has quickly grown in assets to now having $700M. With their recent announcement that they'd be opening a branch in Montgomery, ServisFirst also seems poised for some impressive growth.

Personally, I bank with Superior and have since before they changed their name. They have been VERY active in acquisitions in Alabama, Georgia, and Florida.

Frankly, I like that the folks in Birmingham are holding strong. They're basically saying "you can buy up our banks, but you can't take away our spirit." And I like that. Alot of people in this state (and Birmingham) are switching over to local bank names. I don't know if it's out of pride or what, but I like that so many of these smaller banks are having success trying to grow their banks. There may or may not be another bank the size of SouthTrust, but that doesn't change that banking is still an important industry here.

Personally, I'd like to see Regions continue actively acquiring smaller banks... not homegrown ones, but others maybe in other states. You're either the eater or the eaten in this business unfortunately. Birmingham has survived alot of these losses, but it's time we started benefiting from it. Few banks still have the capabilities to buy out Regions, but there are still a few... and it would be wise for Regions to continue growing so as to discourage takeover or being bought out by the few that still have that ability.

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  • 2 months later...

First American Bank to grow a little larger

A recent Bizjournal article mentioned that the Bank of Dadeville will soon fall under the First American name. Both banks are subsidiaries of the larger thrift bank Alabama National (which is headquartered in Birmingham).

First American (headquartered in Birmingham) is the largest of the 12-subsidiary thrift with $3-billion in assets. Alabama National has about $6.7-billion in assets in total. I'm wondering if this is the beginning of an attempt to consolidate most (or all?) of its subsidiaries into one name. Bank thrifts have been popular in the past, but it doesn't help banks develop much of an identity or be able to market well within a region with a bunch of small community banks.

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Maybe this is Alabama National's initial steps to doing what the former AmSouth and SouthTrust did before the both emerged as one financial organization many years later? It's interesting see that they are now changing the brand of the banks though.

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  • 5 weeks later...

NEW BANK IN THE WORKS

There are signs that another group of investors maybe looking to create a new bank targeting the growing affluent end of this market. The group is led by Sam Upchurch and Rick Horsley, and they plan on filing a charter this week with the State Banking Department. The bank would be named Oakworth Capital Bank, it will have its main offices in Southbridge Office Park with about 1 dozen employees. "This is an organization built to be here years from now, and not an organization we hope to flip five years from now. It's fair to say everybody has a long-term bet on this organization."

You do have to admire the entrepreneurial spirit of this group of investors to replace the void that has been created by the area's financial institutional mergers has brought. I wish them the best of luck.

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Birmingham to play major role in growth of RBC Centura in key Florida, Alabama markets, CEO says

After the announcement last September of RBC Centura acquiring Alabama National Bancorp it was originally though that this was another blow to the region's financial sector. However, it is now come to knowledge that Birmingham will essentially become the 2nd U.S. headquarters for RBC Centura since Alabama National acquisition has double the financial corp. U.S. presence. Birmingham will serves as the 2nd city to assist the bank in its expansion into the Alabama and Florida markets as well as future westernward areas.

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Well I suppose that is one bit of good news. I think Birmingham has the potential to continue a strong banking business even if we lose the status as the national headquarters. I think the industry has a strong foundation here and its perfectly logical for alot of major national and international banks to establish at least a regional headquarters here.

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  • 6 months later...

#1 reason why SouthTrust should have never merged with Wachovia

Wachovia is now is serious financial trouble

Ironically back in 2004 when Wallace Malone decided to blindsidely sell SouthTrust to Wachovia under even its stockholders' noses it basically sold a decide bank up the river for the basis of greed. Prior to the Wachovia acquistion, SouthTrust was one of the strongest if not the strongest indepedent financial institution based out of the South aside from the 2 in Charlotte. It has $53B in assets and had just not acquired a smaller strong bank out of Virginia, and many financers were regarding the bank as one that had a bright future. Now turn to present day, where the former SouthTrust was headquarted nearly 1,400 employees have been laid off due this acquistion in additon now the bank that acquired them is in serious threat of failing themselves with their stock price dropping like a rock over the past 6 months. If Wachovia is acquired by an even larger bank itself then don't count on Birmingham remaining even a regional headquarters to whomever acquires them. It's like a nightmare for this region's business community.

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Ok? :blink: Wells Fargo has announced that it has acquired Wachovia this morning. Now this is down right weird and awkward at best considering what has been going on this past week. I smell a lawsuit coming from Citigroup over this, and not real announcement involving how this will affect Birmingham as we are currently the Western division headquarters of the Wachovia...

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  • 4 months later...

Well, an interesting development has occurred in the financial sector. McDonough, Georgia-based FirstBank has been acquired by Regions after the FDIC seized control. It's the 2nd Metro Atlanta financial institution that Regions has taken over in the past few months (Integrity Bank was taken over in August).

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