The merger will expand Cadence Bank’s presence in Savannah and coastal Georgia. Credit: JHVEPhoto/Shutterstock.

Cadence Bank has entered a deal, valued at about $103.6m, to acquire FCB Financial, the holding company for First Chatham Bank.

As consideration for the merger, Cadence will issue 2.3 million shares of its stock and $23.1m in cash for FCB’s outstanding shares.

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First Chatham Bank, established in 2002, operates eight branches in the Greater Savannah area.

The bank reported assets of $590m, loans of $329m, and deposits of $510m as of 30 September 2024.

FCB Financial chairman Steve Green said: “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.”

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The merger will strengthen Cadence Bank’s footprint in the Savannah market and coastal Georgia communities.

First Chatham Bank president and CEO Ken Farrell will become Cadence Bank division president – Southeast Georgia post deal completion.

Cadence Bank chairman and CEO Dan Rollins said: “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.”

The deal has already received unanimous approval from both companies’ boards and now awaits regulatory and shareholder approvals. Completion of the transaction is anticipated in the third quarter of 2025.

Janney Montgomery Scott and Alston & Bird advised FCB Financial on financial and legal matters, respectively.

Cadence Bank, with assets of approximately $50bn and over 350 branches, offers a wide range of financial services to consumers, businesses, and corporations.