Janney Advises FCB Financial Corp. on its Sale to Cadence Bank
Transaction Overview
Cadence Bank (NYSE: CADE) 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.
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.
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, First Chatham reported total assets of $590 million, total loans of $329 million and total deposits of $510 million.
About FCB Financial Corp.
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. Since that time, First Chatham Bank has proven to be the premier community bank in the Coastal Empire. The Bank was a vision of local business leaders; those who live and work in the community; those who you know and trust.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and over 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management.
