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                                                                   EXHIBIT 10.1
                                                                   ------------

$18,283.00                                                  Birmingham, Alabama
                                                                 April 15, 1999

                                PROMISSORY NOTE
                                ---------------

     FOR VALUE RECEIVED, without grace, WILLIAM G. SANDERS, JR. (the
"Borrower"), promises to pay to the order of Alabama National BanCorporation, a
Delaware corporation (herein called the "Lender," and together with any
subsequent holder of this note called the "Holder"), in the manner set forth
below, the principal sum of Eighteen Thousand Two Hundred, Eighty-Three and
00/100 Dollars ($18,283.00), plus interest at the rate set forth below.

     This Note shall bear interest (computed on an Actual/360 Day Basis) on the
unpaid principal balance hereof, from the date of disbursement until payment in
full, at a fixed interest rate equal to six percent (6.0%) per annum.

     Principal and interest shall be payable under this Note on April 15, 2000.

     The Borrower further agrees with the Holder as follows:

     SECTION 1 Rules of Construction. This Note is subject to the rules of
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construction set forth in the Security Documents.

     SECTION 2 Definitions. As used in this Note, capitalized terms that are not
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otherwise defined herein have the meanings defined for them in the Security
Documents and the following terms are defined as follows:

     (a)   Actual/360 Day Basis means a method of computing interest and other
           --------------------
charges on the basis of an assumed year of 360 days for the actual number of
days elapsed, meaning that the interest accrued for each day will be computed by
multiplying the interest rate applicable on that day by the unpaid principal
balance on that day and dividing the result by 360.

     (b)   Business Day means any day, excluding Saturday and Sunday, on which
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the Lender's main office in Birmingham, Alabama, is open to the public for
carrying on substantially all of its banking business.

     (c)   Credit Documents means this Note, the Security Documents and all
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other documents now or hereafter executed or delivered in connection with the
transactions contemplated thereby.

     (d)   Default Rate means a rate of interest equal to four percentage points
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(400 basis points) in excess of the highest interest rate that would otherwise
be payable on the principal indebtedness evidenced by this Note from time to
time in the absence of the existence of a default, or the maximum rate permitted
by law, whichever is less.

     (e)   Event of Default is defined in Section 8. An Event of Default
           ----------------
"exists" if an Event of Default has occurred and is continuing.

     (f)   Obligors means the Borrower, each other person executing any
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Security Document as a grantor, (if the Borrower or any such grantor is a
partnership) any general partner thereof, and any other maker, endorser, surety,
guarantor or other person now or hereafter liable for the payment or
performance, in whole or in part, of any of the obligations evidenced by this
Note.

     (g)   Security Documents means the Pledge Agreement dated of even date
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herewith executed by the Borrower in favor of the Lender and all other documents
now or hereafter securing or guaranteeing the obligations evidenced by this
Note, or any part thereof.

     SECTION 3 Place and Time of Payments.
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     (a)   All payments by the Borrower to the Holder under this Note shall be
made in lawful currency of the United States and in immediately available funds
to the Lender at its Main Office in Birmingham, Alabama or at such other address
within the continental United States as shall be specified by the Holder by
notice to the Borrower. Any payment received by the Holder after 2:00 p.m.
(Birmingham, Alabama time) on a Business Day (or at any time on a day that is
not a Business Day) shall be deemed made by the Borrower and received by the
Holder on the following Business Day.

     (b)   All amounts payable by the Borrower to the Holder under this Note or
any of the other Credit Documents for which a payment date is expressly set
forth herein or therein shall be payable on the specified due date without
notice or demand by the Holder. All amounts payable by the Borrower to the
Holder under this Note or the other Credit Documents for which no payment date
is expressly set forth herein or therein shall be payable ten days after written
demand by the Holder to the Borrower. The Holder may, at its option, send
written notice or demand to the Borrower of amounts payable on a specified due
date pursuant to this Note or the other Credit Documents, but the failure to
send such notice shall not affect or excuse the Borrower's obligation to make
payment of the amounts due on the specified due date.

     (c)   Payments that are due on a day that is not a Business Day shall be
payable on the next succeeding Business Day, and any interest payable thereon
shall be payable for such extended time at the specified rate.

     SECTION 4 Default Rate. If an Event of Default exists, this Note shall bear
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interest at the Default Rate, until the earlier of (a) such time as all amounts
due hereunder are paid in full or (b) no such Event of Default exists.

     SECTION 5 Security Documents. This Note with interest is secured by and
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entitled to the benefits of the Security Documents. Reference to the Security
Documents is hereby made for all of the provisions thereof. This Note shall be
secured by all security documents that by their terms secure this Note, whether
or not described herein, and all such documents shall constitute Security
Documents.

     SECTION 6 Events of Default. The occurrence of any of the following events
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shall constitute an event of default ("Event of Default") under this Note
(whatever the reason for such event and whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any Governmental
Requirement): (a) any representation or warranty made in any of the Credit
Documents shall prove to be false or misleading in any material respect as of
the time made; or (b) any report, certificate, financial statement or other
instrument furnished in connection with this Note or any of the other Credit
Documents shall prove to be false or misleading in any material respect as of
the time furnished; or (c) default shall be made in the payment when due of any
of the obligations evidenced by this Note or any part thereof; or (d) any
default or event of default, as therein defined, shall occur under any of the
other Credit Documents (after giving effect to any applicable notice, grace or
cure period specified therein).

     SECTION 7 Acceleration. If an Event of Default exists that does not already
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result in the automatic acceleration of this Note under another Credit Document,
the Holder shall have the right without further notice to the Borrower to
declare the entire unpaid principal balance of the indebtedness evidenced by
this Note, with accrued interest, to be immediately due and payable.

     SECTION 8 Certain Waivers and Agreements by Obligors.
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     (a)   As to the obligations evidenced by this Note, each Obligor severally
(1) waives demand, presentment, protest, notice of protest, suit and all other
requirements necessary to hold liable such Obligor or any of the other Obligors;
(2) waives all exemptions of personal property secured to any Obligor under the
Constitution and laws of the State of Alabama or any other state; and (3) agrees
to pay all costs of collection, including a reasonable attorney's fee, in the
event default should be made in the payment of any of the obligations evidenced
by this Note.

     (b)   Each Obligor severally (1) acknowledges that the Lender has not made
any representations or entered into any agreements with such Obligor to induce
such Obligor to enter into the transactions contemplated by this Note except as
set forth in writing in the Credit Documents; (2) agrees upon request such
Obligor will furnish financial statements to the Holder and grant the Holder
access to such Obligor's books and records; (3) agrees that any obligations of
any Obligor may, from time to time, in whole or in part, be renewed, extended,
modified, accelerated, compromised, discharged or released by the Holder, and
any collateral, lien, right of set-off or other security for the obligations
evidenced by this Note or any other obligations of any Obligor to the Holder
may, from time to time, in whole or in part, be exchanged, sold, released,

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satisfied, or terminated, all without notice to, or in any way affecting or
releasing any of the obligations of any other Obligor; and (4) agrees that the
Holder will not be required first to resort to any Security Document, any
guaranty or any other security pledged or granted to the Holder, but upon a
default under this Note or any of the Security Documents, the Holder may
forthwith look to any Obligor for payment hereunder or may look to and realize
upon any other security held by the Holder, in any order the Holder chooses,
until the entire debt evidenced by this Note is paid.

     SECTION 9 Independent Obligations. The Borrower agrees that each of the
               -----------------------
obligations of the Borrower to the Holder under this Note may be enforced
against the Borrower without the necessity of joining any other Obligor, any
other holders of Liens in any Property or any other person, as a party.

     SECTION 10 Heirs, Successors and Assigns. Whenever in this Note any party
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hereto is referred to, such reference shall be deemed to include the heirs,
successors and assigns of such party, except that the Borrower may not assign or
transfer its obligations under this Note without the prior written consent of
the Holder; and all obligations of the Borrower under this Note shall bind the
Borrower's heirs, successors and assigns and shall inure to the benefit of the
successors and assigns of the Holder.

     SECTION 11 Governing Law. This Note shall be construed in accordance with
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and governed by Title 9 of the U.S. Code and the internal laws of the State of
Alabama except as required by mandatory provisions of law (without regard to
conflict of law principles).

     SECTION 12 Separability Clause. If any provision of the this Note shall be
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invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

     SECTION 13 No Oral Agreements. This Note is the final expression of the
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agreement between the parties hereto, and this Note may not be contradicted by
evidence of any prior oral agreement between such parties. All previous oral
agreements between the parties hereto have been incorporated into this Note and
the other Credit Documents, and there is no unwritten oral agreement between the
parties hereto in existence.

     SECTION 14 Waiver and Election. The exercise by the Holder of any option
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given under this Note or the Security Documents shall not constitute a waiver of
the right to exercise any other option. No failure or delay on the part of the
Holder in exercising any right, power or remedy under this Note or the Security
Documents shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any further exercise
thereof or the exercise of any other right, power or remedy. No modification,
termination or waiver of any provisions of this Note, nor consent to any
departure by the Borrower therefrom, shall be effective unless in writing and
signed by an authorized officer of the Holder, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given. No notice to or demand on the Borrower in any case shall
entitle the Borrower to any other or further notice or demand in similar or
other circumstances.

     SECTION 15 Set-off. While any Event of Default exists, the Lender is
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authorized at any time and from time to time, without notice to the Borrower
(any such notice being expressly waived by the Borrower), to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held and other indebtedness at any time owing by the Lender to or
for the credit or the account of the Borrower against any and all of the
obligations evidenced by this Note, irrespective of whether or not the Lender
shall have made any demand under this Note and although such obligations may be
unmatured. The rights of the Lender under this Section 18 are in addition to all
other rights and remedies (including other rights of set-off or pursuant to any
banker's lien) that the Lender may have.

     SECTION 16 Time of Essence. Time is of the essence of this Note.
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     SECTION 17 Submission to Jurisdiction. The Borrower irrevocably (a)
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acknowledges that this Note will be accepted by the Lender and performed by the
Borrower in the State of Alabama; (b) submits to the jurisdiction of each state
or federal court sitting in Jefferson County, Alabama (collectively, the
"Courts") over any suit, action or proceeding arising out of or relating to this
Note (to enforce the arbitration provisions hereof or, if the arbitration
provisions are found to be unenforceable, to determine any issues arising out of
or relating to this Note) or any of the other Credit Documents (individually, an
"Agreement Action"); (c) waives, to the fullest extent permitted by law, any
objection or defense that the Borrower may now or hereafter have based on
improper venue, lack of personal jurisdiction, inconvenience of forum or any

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similar matter in any Agreement Action brought in any of the Courts; (d) agrees
that final judgment in any Agreement Action brought in any of the Courts shall
be conclusive and binding upon the Borrower and may be enforced in any other
court to the jurisdiction of which the Borrower is subject, by a suit upon such
judgment; (e) consents to the service of process on the Borrower in any
Agreement Action by the mailing of a copy thereof by registered or certified
mail, postage prepaid, to the Borrower at the Borrower's address designated at
the end of this Note; (f) agrees that service in accordance with Section 20(e)
shall in every respect be effective and binding on the Borrower to the same
extent as though served on the Borrower in person by a person duly authorized to
serve such process; and (g) AGREES THAT THE PROVISIONS OF THIS SECTION, EVEN IF
FOUND NOT TO BE STRICTLY ENFORCEABLE BY ANY COURT, SHALL CONSTITUTE "FAIR
WARNING" TO THE BORROWER THAT THE EXECUTION OF THIS NOTE MAY SUBJECT THE
BORROWER TO THE JURISDICTION OF EACH STATE OR FEDERAL COURT SITTING IN JEFFERSON
COUNTY, ALABAMA WITH RESPECT TO ANY AGREEMENT ACTIONS, AND THAT IT IS
FORESEEABLE BY THE BORROWER THAT THE BORROWER MAY BE SUBJECTED TO THE
JURISDICTION OF SUCH COURTS AND MAY BE SUED IN THE STATE OF ALABAMA IN ANY
AGREEMENT ACTIONS. Nothing in this Section 20 shall limit or restrict the
Lender's right to serve process or bring Agreement Actions in manners and in
courts otherwise than as herein provided.

     SECTION 18 Usury Laws. Any provision of this Note or any of the other
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Credit Documents to the contrary notwithstanding, the Borrower and the Lender
agree that they do not intend for the interest or other consideration provided
for in this Note and the other Credit Documents to be greater than the maximum
amount permitted by applicable law. Regardless of any provision in this Note or
any of the other Credit Documents, the Lender shall not be entitled to receive,
collect or apply, as interest on the Obligations, any amount in excess of the
maximum rate of interest permitted to be charged under applicable law until such
time, if any, as that interest, together with all other interest then payable,
falls within the then applicable maximum lawful rate of interest. If the Lender
shall receive, collect or apply any amount in excess of the then maximum rate of
interest, the amount that would be excessive interest shall be applied first to
the reduction of the principal amount of the Obligations then outstanding in the
inverse order of maturity, and second, if such principal amount is paid in full,
any excess shall forthwith be returned to the Borrower. In determining whether
the interest paid or payable under any specific contingency exceeds the highest
lawful rate, the Borrower and the Lender shall, to the maximum extent permitted
under applicable law, (a) characterize any nonprincipal payment as an expense,
fee or premium rather than as interest, (b) exclude voluntary prepayments and
the effects thereof, (c) consider all the Obligations as one general obligation
of the Borrower, and (d) "spread" the total amount of the interest throughout
the entire term of this Note so that the interest rate is uniform throughout the
entire term of this Note.

     SECTION 19 Arbitration; Dispute Resolution; Preservation of Foreclosure
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Remedies.
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     (a)   The Borrower represents to the Lender that its business and affairs
constitute substantial interstate commerce and that it contemplates using the
proceeds of this Note in substantial interstate commerce. Except as otherwise
specifically set forth below, any action, dispute, claim, counterclaim or
controversy ("Dispute" or "Disputes"), between or among the Lender, the Borrower
or any other Obligor, including any claim based on or arising from an alleged
tort, shall be resolved by arbitration as set forth below. As used herein,
Disputes shall include all actions, disputes, claims, counterclaims or
controversies arising in connection with this Note, any extension of or
commitment to extend credit by the Lender, any collection of any indebtedness
owed to the Lender, any security or collateral given to the Lender, any action
taken (or any omission to take any action) in connection with any of the
foregoing, any past, present and future agreement between or among the Lender,
the Borrower or any other Obligor (including this Note and any Credit Document),
and any past, present or future transactions between or among the Lender, the
Borrower or any other Obligor. Without limiting the generality of the foregoing,
Disputes shall include actions commonly referred to as lender liability actions.

     (b)   All Disputes shall be resolved by binding arbitration in accordance
with Title 9 of the U.S. Code and the Commercial Arbitration Rules of the
American Arbitration Association (the "AAA"). Defenses based on statutes of
limitation, estoppel, waiver, laches and similar doctrines, that would otherwise
be applicable to an action brought by a party, shall be applicable in any such
arbitration proceeding, and the commencement of an arbitration proceeding with
respect to this Note shall be deemed the commencement of an action for such
purposes.

     (c)   Notwithstanding the foregoing, the Borrower and each other Obligor
agrees that the Lender shall have the option, but not the obligation, to submit
to and pursue in a court of law any claim against the Borrower or any other
Obligor for a debt due. The Borrower and each other Obligor agrees that, if the
Lender pursues such a claim in a court of

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law, (1) failure of the Lender to assert any additional claim in such proceeding
shall not be deemed a waiver of, or estoppel to pursue, such claim as a claim or
counterclaim in arbitration as set forth above, and (2) the institution or
maintenance of a judicial action hereunder shall not constitute a waiver of the
right of any party to submit any other action, dispute, claim or controversy as
described above, even though arising out of the same transaction or occurrence,
to binding arbitration as set forth herein. If the Borrower asserts a claim
against the Lender in arbitration or otherwise during the pendency of a claim
brought by the Lender in a court of law, the court action shall be stayed and
the parties shall submit to arbitration all claims.

     (d)   No provision of, nor the exercise of any rights under this Section,
shall limit the right of any party (1) to foreclose against any real or personal
property collateral by exercise of a power of sale under any Credit Document, or
by exercise of any rights of foreclosure or of sale under applicable law, (2) to
exercise self-help remedies such as set-off, or (3) to obtain provisional or
ancillary remedies such as injunctive relief, attachment or the appointment of a
receiver from a court having jurisdiction before, during or after the pendency
of any arbitration or referral. The institution and maintenance of an action for
judicial relief or pursuit of provisional or ancillary remedies or exercise of
self-help remedies shall not constitute a waiver of the right of any party,
including the plaintiff in such an action, to submit the Dispute to arbitration
or, in the case of actions on a debt, to judicial resolution.

     (e)   Whenever an arbitration is required hereunder, the arbitrator shall
be selected in accordance with the Commercial Arbitration Rules of the AAA. The
AAA shall designate a panel of 10 potential arbitrators knowledgeable in the
subject matter of the Dispute. Each of the Lender and the Obligor shall
designate, within 30 days of the receipt of the list of potential arbitrators,
one of the potential arbitrators to serve, and the two arbitrators so designated
shall select a third arbitrator from the eight remaining potential arbitrators.
The panel of three arbitrators shall determine the resolution of the Dispute.

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     IN WITNESS WHEREOF, the undersigned has executed and delivered this Note
dated the date first written above.

                         /s/ William G. Sanders, Jr.
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                         Signature of Borrower

                         WILLIAM G. SANDERS, JR.
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                         Please Print Name

                         Send Correspondence and Billings to:

                              William G. Sanders, Jr.
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                              8 Clarendon Road
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                              Birmingham, Alabama  35213
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