By Stephen Nakrosis
Cadence Bank will acquire FCB Financial, the bank holding company for First Chatham Bank.
Cadence said on Wednesday the deal will expand its presence in the Savannah and the coastal Georgia markets. First Chatham operates eight branches across the Savannah area.
Under the terms of the deal, Cadence will issue 2.3 million shares of common stock and pay $23.1 million in cash for all outstanding shares of FCB Financial. Based on the 10-day moving average price of its stock of $34.98 on Jan. 21, Cadence said the deal is valued at about $103.6 million.
First Chatham Bank President and Chief Executive Officer Ken Farrell will serve as Cadence Bank Division President - Southeast Georgia, after the deal closes, which is expected to come in the third quarter.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 22, 2025 17:24 ET (22:24 GMT)
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