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Federal Reserve Bank approves Alamerica BancCorp Holding Company Formation
October 10, 2001

Birmingham, AL - Alamerica Bank Chairman Donald V. Watkins announced today that the Federal Reserve Bank of Atlanta approved the formation of Alamerica BancCorp, Inc., a Birmingham-based bank holding company. Federal bank regulators formally approved Alamerica's holding company application on October 4, 2001.

Alamerica Bank was founded in Birmingham in January 2000. President and CEO Lawrence R. Tate said Alamerica became profitable after the bank's fifth month of operation, and has sustained its profitability since that time. Tate attributes the bank's early and consistent profitability to the high quality of Alamerica's customer base and the excellent customer service provided by the Bank. "We attract bright and successful professionals and leading-edge business customers," noted Tate.

Watkins says Alamerica BancCorp, Inc., will actively seek acquisitions in the banking, insurance and financial services industries, in Alabama and around the nation. "We grow businesses," said Watkins. "Every acquisition will complement our basic business focus," he added. Watkins noted that Alamerica's strong track record of profitability and the full availability of its original $10 million capital enables Alamerica BancCorp to explore these opportunities in a prudent fashion at this early time in its business life.

For more information, contact Mr. Lawrence R. Tate, President and CEO at 205-558-4600.

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