Alabama National Bancorp, whose vice chairman has just resigned, said five employees are also resigning from the investment subsidiary he led and are joining a competitor.
The Birmingham company announced the resignations of the five NBC Securities employees Tuesday, a day after disclosing in a Securities and Exchange Commission filing that it had accepted the resignation of vice chairman Victor J. Nichol Jr.
The resignations will probably have a minimal bottom-line effect and will leave NBC Securities' bond sales division with six employees, the company said. The division contributed $1.1 million - about 2.8% - of the parent company's earnings in the first three quarters.
Mr. Nichol had been Alabama National's vice chairman since 2000 and its president and chief operating officer from 1996 to 2000. He joined the board of directors in 1995.
Alabama National did not say whether it will name a successor to him or the five NBC Securities workers, though it asserted a "continued commitment to the correspondent banking and investment business."
The $4.9 billion-asset company has built up its bond business in the past few years; it now brokers corporate bonds for more than 350 community banks in the Southeast. Many of its acquisition targets are in this line of business; most of its 13 subsidiaries, including its last three Florida acquisitions, were once bond customers.
