Cadence Bank (CADE) announced on Wednesday its agreement to acquire FCB Financial Corp., the holding company for First Chatham Bank, which is a community bank based in Savannah, Georgia.
According to the merger agreement, Cadence Bank will issue 2.3 million shares coupled with a payment of $23.1 million in cash for all outstanding shares of FCB Financial Corp. stock. This transaction is subject to certain conditions and possible adjustments.
First Chatham Bank, established in 2002 by local business leaders with a strong community presence, currently operates eight branches across the Greater Savannah area.
Following the merger, Ken Farrell, the President and CEO of First Chatham Bank, will take on the role of Cadence Bank Division President for Southeast Georgia.
The board of directors of both companies has unanimously approved the merger. Subject to regulatory approval, the consent of FCB Financial Corp. shareholders, and the fulfillment of typical closing conditions, the transaction is expected to be finalized in the third quarter of 2025.
