(RTTNews) - Cadence Bank (CADE) Wednesday said it has agreed to buy FCB Financial Corp., the bank holding company for First Chatham Bank, a Savannah, Georgia-based community bank.

HOUSTON and TUPELO, Miss., Jan. 22, 2025 /PRNewswire/ -- Cadence Bank (NYSE: CADE) announced today 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.

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.

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.