Synovus Financial completed its acquisition of FCB Financial Holding for $2.9bn.

Synovus Financial, a financial services company, completed its acquisition of FCB Financial Holding, owner of Florida Community Bank, Florida’s largest community bank, for $2.9bn. Under the terms of the merger agreement, FCB shareholders received a fixed ratio of 1.055 shares of Synovus common stock for each common share of FCB in an all-stock transaction. Based on Synovus’ closing share price on July 23, 2018, the transaction is valued at $58.15 per FCB share. With the merger of FCB, Synovus is a top five regional bank by deposits in the Southeast, with approximately $45bn in assets, $37bn in deposits, $35bn in loans, and 300 branches in Georgia, Alabama, South Carolina, Tennessee, and Florida — including 51 former FCB branches in many of Florida’s highest-growth markets.