Alston & Bird client Franklin Financial Network Inc., parent company of Franklin Synergy Bank, has announced an agreement to merge with FB Financial Corporation, parent company of FirstBank, in a transaction valued at $611 million.
Headquartered in Franklin, TN, Franklin Financial will use the merger to accelerate its strategy of expanding in the Nashville area and becoming the leading community bank in its primary markets.
When completed, the combined franchise will comprise the sixth-largest bank in the Nashville metropolitan area by deposits and the No. 1 bank in Tennessee’s Williamson County.
Franklin Financial operates 15 branches in the state and oversees $3.9 billion in total assets.
FB Financial is based in Nashville and includes 68 full-service bank branches across Tennessee, North Alabama, and North Georgia. It has $6.1 billion in assets.
The banks expect the merger to close in the third quarter of 2020, subject to approvals from FB and Franklin shareholders and regulators.
Advising Franklin Financial is an Alston & Bird team led by partners Mark Kanaly, Kyle Healy, and David Park and associates Nathan Tyre and John Hobgood (Financial Services & Products); partner Blake MacKay, counsel Wenzel, Kerry T., and senior associate Meredith Gage (Employee Benefits & Executive Compensation); partner Scott Harty and associate Seth Buchwald (Federal & International Tax); and partner Justin Howard (Capital Markets & Securities).