Synovus Financial has secured regulatory approval from the Federal Reserve Board and the Georgia Department of Banking and Finance to complete its merger with FCB Financial, the owner of Florida Community Bank, National Association.
Image: Synovus Financial gets regulatory approval for merger of FCB Financial. Photo: courtesy of Aleš Čerin/Freeimages.com.
The merger of FCB into Synovus is expected to be completed on or about January 1, 2019, subject to the satisfaction of customary closing conditions. Transition of FCB systems, customers, branches, and branding to Synovus is expected during the second quarter of 2019.
Synovus chairman and CEO Kessel Stelling said: “Regulatory approval is the final significant milestone in the merger of FCB and Synovus, and I am proud of the way our respective teams have worked together since the announcement of this transaction.
“I am confident our combined companies will continue to meet our commitments to customers, communities, and shareholders while also achieving the growth and financial objectives of the FCB acquisition.”
FCB, headquartered in Weston, Florida, had $12.4 billion in assets and $10.2 billion in deposits as of Sept 30, 2018, and 51 branches in Florida. The acquisition was announced July 24, 2018.
Source: Company Press Release