Cadence Bank announced the signing of a definitive merger agreement with FCB Financial Corp., the bank holding company for First Chatham Bank, a Savannah, Georgia-based community bank.
 
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. First Chatham Bank became the first community bank chartered in Chatham County since 1989. The merger will expand Cadence Bank's presence in the rapidly growing Savannah, Georgia, market and in coastal Georgia communities. As of September 30, 2024 (unaudited), First Chatham reported total assets of $590 million, total loans of $329 million and total deposits of $510 million.

Under the terms of the merger agreement, Cadence Bank will issue 2,300,000 shares of common stock, plus $23.1 million in cash, for all outstanding shares of FCB Financial Corp. stock, subject to certain conditions and potential adjustments. Based on Cadence's 10-day moving average price of $34.98 on January 21, 2025, the transaction is valued at approximately $103.6 million.

"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 Savannah and Coastal Georgia, and enhance our ability to deliver exceptional service and innovative products in a dynamic and rapidly growing market. It will allow us to continue to be a bank of choice for both local families and businesses, now with expanded capabilities and broader expertise."

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.

FCB Financial Corp. was advised in this transaction by Janney Montgomery Scott LLC as financial advisor and Alston & Bird, LLP as legal counsel.