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RBC announces final results of elections by Alabama National
BanCorporation stockholders regarding merger consideration
TORONTO, February 25, 2008 — Royal Bank of Canada
(TSX and NYSE: RY) today announced the final results of elections
made by stockholders of Birmingham-based Alabama National
BanCorporation (ANB) regarding the form of merger consideration
they will receive in connection with the merger of ANB with
and into RBC Centura Banks, Inc., a wholly owned subsidiary
of RBC. The merger closed on February 22, 2008. The election
period for ANB stockholders to choose the form of merger consideration
expired at 5 p.m., Birmingham, Alabama time on February 14,
2008.
Of the 20,424,370 shares of ANB common stock outstanding
as of the close of trading on February 22, 2008, approximately:
- 12,192,551 shares, or 59.7%, elected to receive cash;
- 6,254,896 shares, or 30.6%, elected to receive RBC common
shares; and
- 1,976,923 shares, or 9.7%, did not make a valid election.
Based on the foregoing election results, the application
of the proration procedures in the merger agreement and the
volume-weighted average market price of RBC common shares
on the New York Stock Exchange over the five-trading-day period
ending on the last full trading day immediately before February
22, 2008 ($49.9067):
- a stockholder owning 100 shares of ANB common stock who
made a valid election to receive RBC common shares would
receive approximately 160 RBC common shares as consideration
in the merger;
- a stockholder owning 100 shares of ANB common stock who
did not make a valid election would receive approximately
160 RBC common shares as consideration in the merger; and
- a stockholder owning 100 ANB common shares who made a
valid election to receive cash would, as a result of proration,
receive a combination of approximately $6,700 in cash and
approximately 26 RBC common shares as consideration in the
merger.
Under the merger agreement, fractional RBC common shares
will not be issued. Instead, ANB stockholders will receive
cash based on $49.9067 per RBC common share, which is the
volume-weighted average market price of RBC common shares
on the New York Stock Exchange over the five-trading-day period
ending on the last full trading day immediately before February
22, 2008.
The value of RBC common shares issued in the merger will,
of course, vary over time.
About RBC Centura
RBC Centura Banks, Inc., 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 430 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 45th largest U.S. bank based on assets as of
August 2007. RBC Centura Banks Inc. is a wholly-owned subsidiary
of Royal Bank of Canada (RBC) (RY on the TSX and NYSE), Canada's
largest bank as measured by assets and market capitalization
and one of the world's financial, social and environmental
corporate leaders for the past eight years as on the Dow Jones
Sustainability World Index. Additional information about RBC
Centura may be found at www.rbccentura.com.
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name of RBC. RBC is Canada's
largest bank as measured by assets and market capitalization
and one of North America's leading diversified financial services
companies. RBC provides personal and commercial banking, wealth
management services, insurance, corporate and investment banking
and transaction processing services on a global basis. RBC's
corporate support team enables business growth with expert
professional advice and state-of-the art processes and technology.
RBC employs approximately 70,000 full- and part-time employees
who serve more than 15 million personal, business, public
sector and institutional clients through offices in Canada,
the U.S. and 36 other countries. For more information, please
visit www.rbc.com.
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Media Contacts
Kristen Doherty, RBC Centura
Telephone: (919) 788-6076
Email: kristen.doherty@rbc.com
Beja Rodeck, Royal Bank of Canada
Telephone: (416) 974-5506
Email: beja.rodeck@rbc.com
Investor Relations Contact
Royal Bank of Canada
Bill Anderson, RBC Investor Relations
Telephone: (416) 955-7804
Email: william.anderson@rbc.com
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