The US Federal Reserve Board announced its approval of the proposal by Royal Bank of Canada to acquire Alabama National BanCorp.

The Fed’s decision notes that, upon consummation of the deal, RBC Centura would become the 47th largest depository organization in the US, with total consolidated assets of approximately $33.3 billion. In Alabama, RBC Centura would become the fifth largest depository, in Florida it would rank 21st, and in Georgia it would become the eighth largest firm.

Additionally, it reports that the Department of Justice has conducted a detailed review of the potential competitive effects of the proposal and has advised that it, “would not likely have a significant adverse effect on competition in any relevant banking market.”

The Board also observed that, “considerations relating to the financial and managerial resources and future prospects of the organizations involved in the proposal are consistent with approval, as are the other supervisory factors.”