Alston & Bird client Synovus Financial Corp. has entered into a definitive agreement to acquire FCB Financial Holdings, Inc., owner of Florida Community Bank (FCB), Florida’s largest community bank, for $2.9 billion.
Under the agreement, FCB will merge with Synovus Bank and operate under the Synovus brand.
A New York Stock Exchange-listed company, Synovus provides commercial and retail banking, investment, and mortgage services through 250 branches in Florida, Georgia, Alabama, South Carolina, and Tennessee.
With the addition of FCB, Synovus will become a top-five regional bank and the largest mid-cap bank by deposits in the Southeast, with pro forma $36 billion in deposits and $44 billion in assets.
The transaction also deepens Synovus’ commitment to Florida, where it will gain 50 full-service banking centers, with significant market share in all top-10 Florida markets, including Miami-Dade, the largest market by population. The transaction will also complement Synovus’ presence in Pensacola, Tampa, Jacksonville, Orlando, Sarasota, and Naples.
The transaction is expected to close by the first quarter of 2019, subject to customary closing conditions.
Advising Synovus is an Alston & Bird team led by partners Mark Kanaly, Kyle Healy, and Lesley Solomon; senior associate Elaine Tapp; and associate John Gerl (Financial Services & Products); partners Scott Harty (Federal & International Tax) and Cliff Stanford (Bank Regulatory); and partner Blake MacKay, counsel Kerry Wenzel, and associate Meredith Gage (Employee Benefits & Executive Compensation).