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Eastside Invests in National Bank of Commerce
Birmingham, AL – Red Mountain Bank, N.A. and its holding company Americus Financial Services, Inc. announced today that Charles Investment Group, LLC (CIG), a Birmingham-based bank holding company, invested approximately $58 million in Americus, making CIG the majority shareholder in the organization. Subsequent to the investment, Red Mountain Bank changed its name to National Bank of Commerce.
In deciding to change the name, incoming management looked to Birmingham’s former National Bank of Commerce, which was part of the community banking scene for over 40 years. From its beginnings as a privately-held bank through its growth into the lead bank of a publicly-traded bank holding company, National Bank of Commerce established itself as a leading community bank, committed to serving the greater Birmingham market. The management team of the former National Bank of Commerce, led by John H. Holcomb, III, is now the management team of the new National Bank of Commerce.
“Our group had a desire to align with an organization with a strong history of providing exemplary customer service and community involvement, as well as associating with a bank that has up-to-date operational and technological infrastructure which could be easily expanded into new markets,” Holcomb said.
The Red Mountain Bank locations in English Village and Inverness changed their signage over the weekend. The bank will immediately expand its footprint outside of Birmingham. Over the next several weeks, banking center locations will open in Huntsville, Fairhope and Opelika. Each of these locations will be managed by local community bankers, all of whom previously worked with the National Bank of Commerce leadership team.
Holcomb added, “We will have a market-based banking model, with local decisionmaking, and a commitment to fundamental banking practices.” Each of the markets will be led by well known local bankers. Richard Murray, IV will be president and chief operating officer of the bank. Robert B. Aland will be president of the Birmingham market; Robert Seaborn will be president of the Baldwin County market; Eric Canada will be president of the Lee County market; and Evans Quinlivan will be president of the Huntsville market.
“For our clients, this will be the easiest of changes. There will be absolutely nothing for the client to do. Their account numbers will remain the same, their debit cards will continue to work until expiration, and their online banking accounts will continue to work as normal. The only change they will see is the replacement of the Red Mountain Bank logo with the new National Bank of Commerce logo. We see this as a win-win for all those involved,” Holcomb said.
For more information on National Bank of Commerce, please visit the website, www.nationalbankofcommerce.com