RBC Bank, formerly known as RBC Centura, is the U.S. retail banking division of Royal Bank of Canada (RBC). The bank's headquarters are located in Raleigh, North Carolina. Banking centers and ATMs are located in the southeastern United States.
On November 2, 1990, Peoples Bancorp and Planters Corp., of Rocky Mount, North Carolina, merged to form Centura Banks.[1] In June 2001 Centura Banks was acquired by Royal Bank of Canada and rebranded as RBC Centura. On April 4, 2008, RBC Centura became RBC Bank.
The bank has recently merged with Flag Bank, increasing its presence in Georgia. RBC continued to grow in the Southeast after acquiring 39 branches of AmSouth Bank in Alabama on March 9, 2007.
RBC expanded its presence in Alabama, Georgia, and Florida with its acquisition of Birmingham, Alabama based Alabama National Bancorporation (ANB). US approval was given on February 5, 2008. On April 14, 51 branches re-opened as RBC Bank; All branches shall have converted or consolidated by June 20, 2008. ANB operated in three states through eleven different subsidiaries:
In November 2007, RBC Centura was involved in the "Dunmore Homes" project in Sacramento, California, that stopped all construction on August 8, 2007, due to liquidity issues with the home builder. The company was subsequently sold to a mortgage loan officer for $500 and quickly incorporated in New York. The company filed for bankruptcy in Manhattan. After details of the sale became known to RBC Centura Bank, a major Dunmore Homes creditor, the bank sued on Nov. 7. The company alleged in a lawsuit filed in Fresno County that the sale of all the assets for a mere $500 wasn't adequate and was done to "hinder, delay and defraud the creditors," including RBC.
RBC financed four Dunmore projects from Bakersfield to Yuba City. It loaned Dunmore Homes a total of $105 million and, according to an affidavit by a Dunmore Homes official, is still owed $39 million. As collateral, it has secured claims against those projects. But the company says the value of a Fresno project is less than the outstanding loan balance. Nine major lenders, including RBC, are owed a combined total of $196 million on Dunmore Homes' 26 new-home communities, according to the builder.[2]
Chief Executive Officer: Gordon Nixon | FY 2007 Statistics: Net income: $5.5 billion CAD (â–²9%) | Market capitalization: $63.8 billion CAD | Assets: $600.3 billion CAD | Employees: 66,748 | Stock symbols: TSX: RY NYSE: RY | Website: www.rbc.com
Associated · BancWest · Bank of America · Bank of New York Mellon · BB&T · BOK Financial Corporation · Capital One · Citigroup · Citizens Financial Group · City National · Colonial · Comerica · Commerce Bancshares · Compass · FBOP · Fifth Third · First BanCorp · First Citizens · First Horizon National · First National of Nebraska · Fulton · Harris · HSBC Bank USA · Huntington · JPMorgan Chase · Key · M&T · Marshall & Ilsley · National City · New York Community · New York Private · Northern Trust · PNC · Popular · RBC Bank · Regions · South Financial Group · State Street · SunTrust · Synovus · Taunus · TCF · TD Bank · U.S. Bancorp · UnionBanCal · W Holding · Wachovia · Webster · Wells Fargo · Zions
Wikipedia,
the free encyclopedia © 2001-2006 Wikipedia
contributors (Disclaimer)
This article is licensed under the GNU
Free Documentation License.
Last updated on Monday September 24, 2007 at 05:23:47 PDT (GMT -0700)
View
this article at Wikipedia.org - Edit
this article at Wikipedia.org - Donate
to the Wikimedia Foundation