Synovus Bank’s holding company Synovus Financial has completed its previously announced $2.9bn acquisition of FCB Financial, the owner of Florida Community Bank (FCB).
Synovus Financial signed the agreement to acquire FCB Financial in July 2018.
As of 30 September 2018, FCB, which is based in Weston, Florida, had assets worth $12.4bn and $10.2bn in deposits.
On the other hand, the Georgia-based Synovus Bank provides commercial and retail banking, investment, and mortgage services across Georgia, Alabama, South Carolina, Florida, and Tennessee.
It will operate 300 branches across the states of Georgia, Alabama, South Carolina, Tennessee, and Florida. Included in these are 51 former FCB branches located in some of the highest-growth markets in Florida, said Synovus Financial.
As per the terms of the merger, shareholders of FCB have been given a stake of about 30% in the combined banking company while the original shareholders of Synovus Bank holding the remaining stake.
Synovus Florida division CEO Kent Ellert said: “This is a great day for Synovus and the customers and communities we serve in south Florida and around the Southeast.
“We’re proud to be joining this team and excited about everything we’re going to accomplish together.”
The US-based financial services company said that FCB’s customers will not face any changes to their existing accounts or banking services until the second quarter, when accounts will transition to Synovus Bank.
Synovus chairman and CEO Kessel Stelling said: “Synovus has long been known for combining the personal service of a community bank with the financial resources and market capabilities of a large regional bank.
“The addition of FCB, with its complementary culture, capabilities, and commitment to service, significantly increases the value-creation potential we offer customers, communities, and shareholders.”
Synovus Financial said that transition of FCB systems, customers, branches, and rebranding are expected to be completed during the second quarter of this year.