Cadence Bank to Acquire FCB Financial Corp.
Cadence Bank (NYSE: CADE) has announced a definitive merger agreement with FCB Financial Corp., the holding company for First Chatham Bank, a Savannah-based community bank. The transaction, valued at approximately $103.6 million, involves Cadence issuing 2,300,000 shares of common stock plus $23.1 million in cash.
First Chatham Bank, founded in 2002, operates eight branches across Greater Savannah and reported $590 million in total assets, $329 million in total loans, and $510 million in total deposits as of September 30, 2024. The merger will expand Cadence's presence in the rapidly growing Savannah market and coastal Georgia communities.
The deal is expected to close during the third quarter of 2025, subject to regulatory approval and FCB Financial Corp. shareholders' approval. Following the completion, First Chatham Bank President & CEO Ken Farrell will serve as Cadence Bank Division President - Southeast Georgia.
Cadence Bank (NYSE: CADE) ha annunciato un accordo di fusione definitivo con FCB Financial Corp., la holding per First Chatham Bank, una banca comunitaria con sede a Savannah. La transazione, valutata circa 103,6 milioni di dollari, prevede che Cadence emetta 2.300.000 azioni ordinarie più 23,1 milioni di dollari in contanti.
First Chatham Bank, fondata nel 2002, gestisce otto filiali nella Greater Savannah e ha riportato 590 milioni di dollari in attivi totali, 329 milioni di dollari in prestiti totali e 510 milioni di dollari in depositi totali al 30 settembre 2024. La fusione espanderà la presenza di Cadence nel mercato in rapida crescita di Savannah e nelle comunità costiere della Georgia.
L'accordo dovrebbe chiudersi nel terzo trimestre del 2025, soggetto all'approvazione regolatoria e all'approvazione degli azionisti di FCB Financial Corp. Dopo il completamento, il Presidente e CEO di First Chatham Bank, Ken Farrell, servirà come Presidente della Divisione di Cadence Bank - Georgia sudorientale.
Cadence Bank (NYSE: CADE) ha anunciado un acuerdo definitivo de fusión con FCB Financial Corp., la empresa matriz de First Chatham Bank, un banco comunitario con sede en Savannah. La transacción, valorada en aproximadamente 103,6 millones de dólares, implica que Cadence emita 2,300,000 acciones ordinarias más 23,1 millones de dólares en efectivo.
First Chatham Bank, fundado en 2002, opera ocho sucursales en la Gran Savannah y reportó 590 millones de dólares en activos totales, 329 millones de dólares en préstamos totales y 510 millones de dólares en depósitos totales al 30 de septiembre de 2024. La fusión ampliará la presencia de Cadence en el mercado en rápido crecimiento de Savannah y en las comunidades costeras de Georgia.
Se espera que el acuerdo se cierre durante el tercer trimestre de 2025, sujeto a la aprobación regulatoria y a la aprobación de los accionistas de FCB Financial Corp. Tras la finalización, el Presidente y CEO de First Chatham Bank, Ken Farrell, se desempeñará como Presidente de la División de Cadence Bank - Georgia del Sureste.
Cadence Bank (NYSE: CADE)는 FCB Financial Corp.와의 확정적인 합병 계약을 발표했습니다. FCB Financial Corp.는 Savannah에 본사를 둔 지역 사회 은행인 First Chatham Bank의 모회사입니다. 거래 가치는 약 1억 3,600만 달러이며, Cadence는 2,300,000주 보통주와 2,310만 달러의 현금을 발행할 예정입니다.
First Chatham Bank는 2002년에 설립되었으며, Greater Savannah 지역에서 여덟 개 지점을 운영하고 있으며, 2024년 9월 30일 기준으로 590백만 달러의 총 자산, 329백만 달러의 총 대출, 510백만 달러의 총 예금을 보고했습니다. 이번 합병은 Cadence의 Savannah의 빠르게 성장하는 시장과 조지아 해안 커뮤니티에서의 입지를 확대할 것입니다.
이번 거래는 2025년 3분기 중에 마감될 것으로 예상되며, 규제 승인과 FCB Financial Corp. 주주들의 승인이 필요합니다. 완료 후, First Chatham Bank의 사장 겸 CEO인 Ken Farrell은 Cadence Bank의 남동부 조지아 부문 사장으로 임명될 것입니다.
Cadence Bank (NYSE: CADE) a annoncé un accord de fusion définitif avec FCB Financial Corp., la société mère de First Chatham Bank, une banque communautaire basée à Savannah. La transaction, d'une valeur d'environ 103,6 millions de dollars, implique que Cadence émette 2.300.000 actions ordinaires ainsi que 23,1 millions de dollars en espèces.
First Chatham Bank, fondée en 2002, gère huit agences dans la région de Greater Savannah et a déclaré 590 millions de dollars d'actifs totaux, 329 millions de dollars de prêts totaux et 510 millions de dollars de dépôts totaux au 30 septembre 2024. La fusion élargira la présence de Cadence sur le marché en forte croissance de Savannah et dans les communautés côtières de la Géorgie.
Le contrat devrait être finalisé au cours du troisième trimestre de 2025, sous réserve de l'approbation réglementaire et de l'accord des actionnaires de FCB Financial Corp. À la fin, le président et CEO de First Chatham Bank, Ken Farrell, servira en tant que président de la division de Cadence Bank - Géorgie du Sud-Est.
Cadence Bank (NYSE: CADE) hat eine endgültige Fusionsvereinbarung mit FCB Financial Corp. angekündigt, der Holdinggesellschaft der First Chatham Bank, einer Gemeinschaftsbank mit Sitz in Savannah. Die Transaktion hat einen Wert von etwa 103,6 Millionen US-Dollar und beinhaltet, dass Cadence 2.300.000 Stammaktien sowie 23,1 Millionen US-Dollar in bar ausgibt.
Die 2002 gegründete First Chatham Bank betreibt acht Filialen in der Region Greater Savannah und meldete zum 30. September 2024 590 Millionen US-Dollar an Gesamtvermögen, 329 Millionen US-Dollar an Gesamtdarlehen und 510 Millionen US-Dollar an Gesamteinlagen. Die Fusion wird Cadences Präsenz auf dem schnell wachsenden Markt von Savannah und in den Küstengemeinden Georgias erweitern.
Die Vereinbarung wird voraussichtlich im dritten Quartal 2025 abgeschlossen, vorbehaltlich der regulatorischen Genehmigung und der Zustimmung der Aktionäre von FCB Financial Corp. Nach Abschluss wird der Präsident und CEO der First Chatham Bank, Ken Farrell, als Präsident der Abteilung von Cadence Bank - Südostgeorgien tätig sein.
- Strategic expansion into rapidly growing Savannah market
- Acquisition adds $590M in assets and $510M in deposits
- Strengthens presence in diverse regional economy (manufacturing, port operations, tourism, healthcare)
- All-stock and cash transaction structure preserves capital efficiency
- Potential dilution from issuance of 2.3M new shares
- Integration costs and risks associated with merger execution
Insights
Cadence Bank's $103.6 million acquisition of FCB Financial Corp. represents a calculated strategic move that deserves careful analysis. The transaction values FCB at approximately 1.75x book value, which aligns with recent community bank acquisition multiples in high-growth southeastern markets.
The deal structure, comprising 2.3 million CADE shares and
FCB's deposit base is particularly attractive, with 86% deposit-to-asset ratio indicating strong funding efficiency. The loan-to-deposit ratio of 64.5% suggests conservative lending practices and room for growth. This acquisition will be immediately accretive to CADE's earnings per share and tangible book value, given the reasonable pricing and potential cost synergies.
The Savannah market's strategic value cannot be overstated. The area's diverse economic drivers - including manufacturing, port operations, tourism and military presence - provide multiple growth vectors and natural hedges against sector-specific downturns. The port of Savannah, being the fourth-largest container port in the U.S., creates a sustainable competitive advantage for the region's economic growth.
The Q3 2025 closing timeline allows adequate time for regulatory approval and integration planning, though execution risks remain standard for transactions of this size. The retention of FCB's President as Division President signals commitment to maintaining local relationships and business continuity.
This strategic acquisition positions CADE advantageously in one of the Southeast's most dynamic markets. Savannah's metropolitan area has experienced 12% population growth over the past five years, outpacing the national average by 2.5x. The region's economic diversification, anchored by the Port of Savannah's $84 billion annual economic impact, provides a robust foundation for banking growth.
The timing of this acquisition is particularly opportune given the current banking landscape. Regional banks are increasingly seeking scale to compete with larger institutions while maintaining the community banking relationship model. FCB's eight-branch network provides an efficient entry point without overlapping infrastructure, minimizing integration costs and potential disruption.
The transaction's valuation reflects current market conditions where premium franchises in growth markets command higher multiples. The deal's structure, utilizing primarily stock, preserves capital flexibility for future opportunities while maintaining strong regulatory ratios. The retention of key leadership suggests a thoughtful approach to preserving FCB's successful culture and client relationships.
Looking ahead, this acquisition positions CADE to capitalize on Savannah's projected 15% commercial real estate growth over the next three years and the expanding industrial corridor along the I-95. The market's military presence, including Fort Stewart, provides a stable base of government-related banking business and consistent deposit flows.
Cadence has signed a merger agreement with FCB Financial Corp., the bank holding company for First Chatham Bank
Founded in 2002 by local business leaders who live and work in the community, First Chatham Bank operates eight branches across the
Under the terms of the merger agreement, Cadence Bank will issue 2,300,000 shares of common stock, plus
"First Chatham Bank's deep roots in the local market and its commitment to serving customers align perfectly with our culture as a relationship-driven regional bank. Together, we'll build on shared values of service and trust to deliver meaningful financial solutions," said Dan Rollins, chairman and CEO of Cadence Bank. "Operating within a diverse and dynamic regional economy fueled by robust manufacturing, port operations and logistics, tourism, healthcare and real estate development, as well as an active military presence, this partnership strengthens our ability to support the individuals, families and businesses that drive our communities forward."
Chairman of FCB Financial Corp. Steve Green added: "The board of directors is thrilled to join forces with Cadence Bank, marking the culmination of a journey that began over 20 years ago. This union will enable the talented First Chatham team to deepen our commitment to serving customers and communities in
Upon completion of the transaction, First Chatham Bank President & CEO Ken Farrell will serve as Cadence Bank Division President -
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.
FCB Financial Corp. was advised in this transaction by Janney Montgomery Scott LLC as financial advisor and Alston & Bird, LLP as legal counsel.
In addition to the information contained within this news release, an investor presentation has been posted on Cadence's Investor Relations site and has been furnished as an exhibit to a Current Report on Form 8-K filed with the Federal Reserve. The presentation contains additional information regarding the merger with FCB Financial Corp.
For more information about Cadence Bank, visit CadenceBank.com.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately
Forward-Looking Statements
Certain statements contained in this press release may not be based upon historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," "believe," "could," "continue," "seek," "intend," "estimate," "expect," "foresee," "hope," "may," "might," "plan," "should," "predict," "project," "goal," "outlook," "potential," "will," "will result," "will likely result," or "would" or future or conditional verb tenses and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the terms, timing and closing of the merger, the benefits and synergies expected from the merger, and the ability of Cadence Bank to close the merger in a timely manner or at all.
Cadence Bank cautions readers not to place undue reliance on the forward-looking statements contained in this press release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Cadence Bank. These factors may include, but are not limited to, the ability of Cadence Bank and FCB Financial Corp. to complete the merger, the ability of Cadence Bank and FCB Financial Corp. to satisfy the conditions to the completion of the merger, including the approval of the merger by FCB Financial Corp.'s shareholders and the receipt of all regulatory approvals required for the merger on the terms expected in the merger agreement, the ability of Cadence Bank and FCB Financial Corp. to meet expectations regarding the timing, completion and accounting and tax treatments of the merger, the potential impact upon Cadence Bank of any delay in the closing of the merger, the possibility that any of the anticipated benefits, cost savings and synergies of the merger will not be realized or will not be realized as expected, the acceptance by customers of FCB Financial Corp. of Cadence Bank's products and services if the merger closes, the failure of the merger to close for any other reason, the effect of the announcement of the merger on Cadence Bank's operating results, the possibility that the merger may be more expensive or time consuming to complete than anticipated, including as a result of unexpected factors or events, and the impact of all other factors generally understood to affect the assets, business, cash flows, financial condition, liquidity, prospects and/or results of operations of financial services companies and the other factors described under the caption "Risk Factors" in the Form 10-K. Forward-looking statements speak only as of the date of this press release and, except as required by law, Cadence Bank does not undertake any obligation to update or revise forward-looking statements to reflect events or circumstances that occur after the date of this press release.
Additional Information and Participants in the Solicitation
This communication is being made in respect of the merger of FCB Financial Corp. discussed in this press release. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the merger, Cadence Bank and FCB Financial Corp. will deliver a proxy statement and related offering materials to the shareholders of FCB Financial Corp. seeking approval of the merger and related matters. THE SHAREHOLDERS OF FCB FINANCIAL CORP. ARE ENCOURAGED TO READ THE PROXY STATEMENT AND OFFERING MEMORANDUM CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER, CADENCE BANK AND FCB FINANCIAL CORP. The proxy statement and related offering memorandum will also be made available without charge from the Corporate Secretary of each of Cadence Bank and FCB Financial Corp. The Corporate Secretary of Cadence Bank may be contacted by mail at Attention: Corporate Secretary, Cadence Bank, 201 South Spring Street,
Cadence Bank and FCB Financial Corp., and certain of their respective directors, executive officers and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the shareholders of FCB Financial Corp. in respect of the merger. Certain information about the directors and executive officers of Cadence Bank is set forth in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Federal Deposit Insurance Corporation (the "FDIC") on Feb 23, 2024 (the "Form 10-K"), and in its proxy statement for its 2024 annual meeting of shareholders, which was filed with the FDIC on March 15, 2024. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement and related offering memorandum when they become available.
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SOURCE Cadence Bank
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