Cadence Bank (CADE) Wednesday said it has agreed to buy FCB Financial Corp., the bank holding company for First Chatham Bank, a Savannah, Georgia-based community bank.
Under the terms of the merger agreement, Cadence Bank will issue 2.3 million shares, plus $23.1 million in cash, for all outstanding shares of FCB Financial Corp. stock, subject to certain conditions and potential adjustments.
Founded in 2002 by local business leaders who live and work in the community, First Chatham Bank operates eight branches across the Greater Savannah area.
Upon completion of the transaction, First Chatham Bank President & CEO Ken Farrell will serve as Cadence Bank Division President - Southeast Georgia.
The merger has been unanimously approved by the boards of directors of both companies. Pending regulatory approval, the approval of FCB Financial Corp. shareholders, and the satisfaction of other customary closing conditions, it is anticipated to close during the third quarter of 2025.
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