RALEIGH, NC, Dec. 8 /PRNewswire-FirstCall/ -- 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 http://www.rbccentura.com/.
