COLUMBUS, Ga. & WESTON, Fla.–(BUSINESS WIRE)–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,
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.
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.
Steve Adams, 706.641.6462
FCB, Matthew Paluch, 305.668.5420