Synovus Financial Corp. (NYSE: SNV) and FCB Financial Holdings,
Inc. (NYSE: FCB) today jointly announced that Synovus has received
regulatory approval from the Federal Reserve Board and the Georgia
Department of Banking and Finance to complete the merger with FCB
Financial Holdings, Inc., owner of Florida Community Bank, National
Association.
The merger of FCB into Synovus is expected to be completed on or
about January 1, 2019, subject to the satisfaction of customary
closing conditions. Transition of FCB systems, customers, branches,
and branding to Synovus is expected during the second quarter of
2019.
“Regulatory approval is the final significant milestone in the
merger of FCB and Synovus, and I am proud of the way our respective
teams have worked together since the announcement of this
transaction,” said Kessel Stelling, Synovus chairman and CEO. “I am
confident our combined companies will continue to meet our
commitments to customers, communities, and shareholders while also
achieving the growth and financial objectives of the FCB
acquisition.”
FCB, headquartered in Weston, Florida, had $12.4 billion in
assets and $10.2 billion in deposits as of Sept 30, 2018, and 51
branches in Florida. The acquisition was announced July 24,
2018.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $32 billion in
assets. Synovus provides commercial and retail banking, investment,
and mortgage services through 249 branches in Georgia, Alabama,
South Carolina, Florida, and Tennessee. Synovus Bank, a wholly
owned subsidiary of Synovus, was named one of American Banker’s
“Best Banks to Work For” in 2018 and has been recognized as one of
the country’s 10 “Most Reputable Banks” by American Banker and the
Reputation Institute for four consecutive years. Synovus is on the
web at synovus.com, and on Twitter, Facebook, LinkedIn, and
Instagram.
FCB Financial Holdings, Inc. is the largest community
banking company and the second largest Florida-based independent
bank, and among the most highly capitalized banks in the state.
Recently, FCB was ranked #8 among Forbes’ “Best Banks in America,”
marking the second consecutive year FCB was included among the
publication’s top 10 leading U.S. banks. FCB was also awarded a
five-star rating from Bauer Financial™, FCB assets are more than
$12 billion, with capital ratios that exceed regulatory standards.
Since its founding in 2010, FCB has been steadfast in its
commitment to delivering personalized service, innovation, and
products and services equal to those offered by the national banks.
Similarly, FCB recognizes the importance of community, fostering a
corporate culture that promotes employee volunteerism at all
levels, while supporting community-based programs and partnerships
that help promote greater financial independence and improved
quality of life for families. FCB serves individuals, businesses
and communities across the state with 51 full-service banking
centers from east to west, and from Daytona Beach to Miami-Dade.
For more information, visit FloridaCommunityBank.com. Equal Housing
Lender, Member FDIC.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, Synovus’ and FCB’s expectations or
predictions of future financial or business performance or
conditions. Forward-looking statements are typically identified by
words such as “believe,” “expect,” “anticipate,” “intend,”
“target,” “estimate,” “continue,” “positions,” “plan,” “predict,”
“project,” “forecast,” “guidance,” “goal,” “objective,”
“prospects,” “possible,” or “potential,” by future conditional
verbs such as “assume,” “will,” “would,” “should,” “could” or
“may”, or by variations of such words or by similar expressions.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made
and we assume no duty to update forward-looking statements. Actual
results may differ materially from current projections.
In addition to factors previously disclosed in Synovus’ and
FCB’s reports filed with the SEC and those identified elsewhere in
this communication, the following factors, among others, could
cause actual results to differ materially from forward-looking
statements or historical performance: the occurrence of any event,
change or other circumstances that could give rise to the right of
one or both of the parties to terminate any definitive merger
agreement between Synovus and FCB; the outcome of any legal
proceedings that may be instituted against Synovus or FCB; the
ability to meet the remaining closing conditions to the merger;
delay in closing the merger; difficulties and delays in integrating
the FCB business or fully realizing cost savings and other
benefits; business disruption following the merger; changes in
asset quality and credit risk; the inability to sustain revenue and
earnings growth; changes in interest rates and capital markets;
inflation; customer acceptance of Synovus’ products and services;
customer borrowing, repayment, investment and deposit practices;
customer disintermediation; the introduction, withdrawal, success
and timing of business initiatives; competitive conditions; the
inability to realize cost savings or revenues or to implement
integration plans and other consequences associated with mergers,
acquisitions and divestitures; economic conditions; and the impact,
extent and timing of technological changes, capital management
activities, and other actions of the Federal Reserve Board and
legislative and regulatory actions and reforms.
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version on businesswire.com: https://www.businesswire.com/news/home/20181207005543/en/
Media ContactsSynovus, Lee
Underwood, 706.644.0528
Investor ContactsSynovus,
Steve Adams, 706.641.6462
FCB, Matthew Paluch, 305.668.5420
FCB FINANCIAL HOLDINGS, INC. (NYSE:FCB)
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