RBC Centura Bank, a subsidiary of Royal Bank of Canada, has completed its acquisition of the Florida operations of Cincinnati, Ohio- based Provident Financial Group Inc.

Under the agreement, RBC Centura is paying Provident a premium of approximately US$80 million for Provident’s operations in Florida comprising 13 branches, 16 ATMs and 135 employees serving 21,000 households in the Western Florida counties of Sarasota, Manatee and Hillsborough.

As of October 31, 2003, Provident’s Florida branches had a deposit balance of approximately US$856 million, and loans of approximately US$371 million.

Over the coming weekend, the Provident accounts and loans are expected to be converted to RBC Centura Bank’s systems, and branch signage will be changed to show the RBC Centura banner.

Florida’s large and growing population base is strategic to RBC’s U.S. expansion program. “Acquiring these branches doubles our Florida presence in terms of branches and immediately gives RBC Centura a strong presence in key Western Florida communities,” said Kel Landis, CEO of RBC Centura Bank.

As the U.S. retail operations of RBC Financial Group, RBC Centura operates more than 250 branches, serving approximately 800,000 clients in five states. As a result of this deal, the 13 Provident branches join a network of 12 RBC Centura branches already in Florida, primarily the result of its January 2003 acquisition of Admiralty Bancorp, Inc.

http://www.newswire.ca/en/releases/archive/November2003/21/c5259.html