Cadence Bank Announces $103.6M Acquisition of FCB Financial

Cadence Bank, a major financial institution based in Tupelo, has announced a significant merger agreement valued at $103.6 million to acquire FCB Financial, the parent company of First Chatham Bank. This union will involve Cadence issuing 2.3 million shares of its stock and providing $23.1 million in cash as consideration for FCB Financial’s remaining shares. Established in 2002, First Chatham Bank operates eight branches primarily in the Greater Savannah area and reported substantial assets, deposits, and loans as of September 2024. The merger, which marks a strategic expansion for Cadence in Savannah and coastal Georgia communities, has received unanimous board approvals from both parties but awaits regulatory and shareholder sanction. Completion is projected for the third quarter of 2025. Cadence’s addition of First Chatham’s local expertise and customer-centric operations aligns with its ethos as a relationship-driven regional bank, aiming to enhance service offerings through shared values.