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Cadence to buy FCB Financial in Georgia for $104 million

Cadence Bank in Tupelo, Miss., has agreed to buy FCB Financial in Savannah, Ga.

The $50 billion-asset Cadence said in a press release that it will pay $103.6 million in cash and stock for the parent of the $590 million-asset First Chatham Bank. The deal is expected to close in the third quarter.

First Chatham has $329 million of loans and $510 million of deposits.

“First Chatham Bank’s deep roots in the local market and its commitment to serving customers align perfectly with our culture as a relationship-driven regional bank,” Dan Rollins, Cadence’s chairman and CEO, said in the release.

“Operating within a diverse and dynamic regional economy fueled by robust manufacturing, port operations and logistics, tourism, healthcare and real estate development, as well as an active military presence, this partnership strengthens our ability to support the individuals, families and businesses that drive our communities forward,” Rollins added.

Ken Farrell, First Chatham’s president and CEO, will serve as Cadence’s president of Southeast Georgia.

Janney Montgomery Scott and Alston & Bird advised FCB Financial.

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