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RBC Centura completes acquisition of Flag Financial Corporation
RALEIGH, NC December 8, 2006 — RBC Centura Banks,
Inc., a wholly owned subsidiary of Royal Bank of Canada (RY
on the NYSE and TSX), and Flag Financial Corporation (FLAG:
NASDAQ) today announced completion of RBC Centura's acquisition
of Flag Financial. With the acquisition of Flag, RBC Centura,
increases its deposits in the state of Georgia by $1.35 billion
and loans by $1.25 billion.
"RBC Centura entered the Georgia market just four years
ago, and has been growing rapidly ever since," said Scott
Custer, RBC Centura's Chairman and CEO. "By acquiring
Flag Bank, RBC Centura is expanding its network to nearly
50 branches in Georgia, making RBC Centura the 8th largest
bank in Georgia by deposits, and the 7th largest in the Atlanta
market."
J. Thomas Wiley, RBC Centura Georgia State President and
former Flag Bank CEO added: "Customers will have the
benefit of continuing to work with familiar faces at their
neighborhood banking centers, while benefiting from RBC Centura's
broad branch network, diverse service offerings and the resources
of a solid parent company."
About RBC Centura
RBC Centura, headquartered in Raleigh, N.C., offers a wide
range of financial services and advice, including a complete
line of banking, and mortgage services to individuals, businesses
and public institutions throughout the Southeast. RBC Centura's
multi-faceted customer access network includes more than 290
full-service banking centers, an extensive ATM network, and
telephone and Internet banking. In addition, RBC Centura offers
builder finance products through its RBC Builder Finance division.
According to SNL Financial, RBC Centura is the 58th largest
U.S. bank based on assets as of June 2006. RBC Centura Banks
Inc. is a wholly owned subsidiary of Royal Bank of Canada
(RY on the NYSE and TSX), Canada's largest bank as measured
by assets and market capitalization and one of North America's
leading banks. Additional information about RBC Centura may
be found at www.rbccentura.com.
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Media Contacts:
Kristen Doherty, RBC Centura, (919) 788-6076
Beja Rodeck, RBC, (416) 974-5506
Investor Contacts:
Marcia Moffat, Investor Relations, RBC, (416)-955-7803
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