Alston & Bird client Synovus Financial Corp. has entered into a purchase and assumption agreement to sell three branches of its wholly owned subsidiary, Synovus Bank, to Jefferson Financial Federal Credit Union.
Under the agreement, Synovus Bank will transfer to Jefferson Financial $138 million in loans, $107 million in deposits, and other assets associated with three bank branches in Alabama in exchange for a deposit premium of $14.5 million.
Upon completion of the acquisition, which is subject to regulatory approval and satisfaction of customary closing conditions, the bank branches will operate under Jefferson Financial Federal Credit Union’s name.
Founded in 1966, Jefferson Financial Federal Credit Union is a $947 million, full-service financial institution serving more than 40,000 members across southern Louisiana and south central Alabama.
Listed on the New York Stock Exchange, Synovus Financial has approximately $32 billion in assets and provides commercial and retail banking, investment, and mortgage services through 250 branches in Florida, Georgia, Alabama, South Carolina, and Tennessee. Synovus Bank has been recognized as one of the country’s 10 “Most Reputable Banks” by American Banker and the Reputation Institute for four consecutive years.
Advising Synovus Financial is an Alston & Bird team led by partner Mark Kanaly, associates Will Hooper and John Gerl (Financial Services & Products), and partner Cliff Stanford (Bank Regulatory).