Royal Bank's RBC Ventura to acquire Flag Financial for $456 million US: Knowledge Driven Revolution

Royal Bank subsidiary RBC Ventura Banks Inc. (TSX:RY) subsidiary is paying $456 million US for Flag Financial Corp. (NASDAQ:FLAG) and Flag Bank in Georgia as part of an expansion into the southeastern United States.

The deal, expected to close by the end of the year, amounts to $25.50 per Flag share. "The combined operations of RBC Centura and Flag Bank represent a strong strategic, cultural, and economic fit," Scott Custer, CEO of RBC Centura, said Wednesday.

"Flag Bank's presence in Georgia, combined with its distinct business banking capability, are ideally aligned with RBC Centura's strategic focus to become the bank for business, business owners and professionals."

The Flag Bank branch offices will join a network of 30 RBC Centura banking centres already in Georgia, primarily in the metropolitan Atlanta area.

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Following the close of the transaction, subject to regulatory approvals, Centura will merge Flag Bank into RBC Centura. Flag Bank's branch network will operate under the RBC Centura brand name, with current Flag Bank CEO Thomas Wiley as the Georgia state president of RBC Centura.

Flag Financial owns and operates Flag Bank, which has 17 branches and 370 employees serving about 22,000 households in the metro Atlanta, central and western areas of Georgia.

Flag Bank has a deposit balance of about $1.35 billion US and loans of approximately $1.25 billion.

In addition to RBC Centura, RBC's U.S. operations include RBC Dain Rauscher, a full-service securities firm based in Minneapolis; RBC Insurance, a national provider of insurance protection and asset accumulation solutions based in Greenville, S.C. and RBC Capital Markets, with corporate and investment banking operations in New York, Minneapolis and Greenwich.

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