Alabama National Bancorp plans to consolidate five of its bank subsidiaries into two to provide better service to customers in north-central Alabama and the Florida Panhandle.
By February the $4.29 billion-asset Birmingham company would unite its two largest subsidiaries, the $1.4 billion-asset National Bank of Commerce in Birmingham and the $946 million-asset First American Bank of Decatur, as First American Bank. In May the $107 million First Citizens Bank would merge into the new entity.
In March, Alabama National plans to merge the $306 million-asset First Gulf Bank of Gulf Shores, Ala., with the $121 million-asset Citizens and Peoples Bank in Pensacola, Fla., to form First Gulf Bank.
Alabama National would have 10 subsidiaries instead of 13 after the mergers. It announced the plan Friday.
