Synovus Financial has agreed to acquire FCB Financial Holdings, owner of Florida Community Bank (FCB), for around $2.9bn.
Image: Synovus Financial to acquire FCB Financial Holdings. Photo: courtesy of rawpixel / Unsplash.
for Claimed to be the largest community banking company and the second largest Florida-based independent bank, FCB Financial provides personal banking and commercial banking services to individuals, businesses and communities in Florida.
Synovus chairman and CEO Kessel Stelling said: “We look forward to welcoming FCB customers and team members to the Synovus family and are enormously excited about the growth and value-creation opportunities this transaction presents for our combined companies and respective shareholders.”
The acquisition will allow Synovu to become a top five regional bank by deposits in the Southeast region with pro forma $36bn in deposits and $44bn in assets.
In Florida, Synovus derives $9.9bn in deposits and 50 full-service banking centers, which will help to get significant market share in all top 10 Florida markets, including Miami-Dade.
The latest acquisition is said to compliment Synovus’ operations in Pensacola, Tampa, Jacksonville, Orlando, Sarasota, and Naples.
As per terms of the deal, FCB shareholders will secure a fixed ratio of 1.055 shares of Synovus common stock for each common share of FCB in an all-stock transaction.
Subject to customary closing conditions, the deal is expected to complete in the first quarter of 2019.
Once the deal concludes, FCB will combine with Synovus Bank and operate under the Synovus brand, and FCB Financial Holdings president and CEO Kent Ellert will be appointed as executive vice president of Synovus and Florida market president.
Former FCB shareholders will hold around 30% of the combined company, following completion of the merger.
FCB Financial Holdings president and CEO Kent Ellert said: “We are enthusiastic about our similar cultures, which are community- and customer-centric, and are confident our combined companies will help us build upon the great client relationships that have resulted in more than $11 billion of organic loan production and 22 consecutive quarters of record operating results for FCB.”
Based in Columbus of Georgia, Synovus offers commercial and retail banking, investment, and mortgage services via 250 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee.