Friday, September 28, 2018

Jefferson Financial FCU To Buy 3 Branches and Deposits from Synovus Bank

Synovus Financial Corp. (Columbus, GA) and Jefferson Financial Federal Credit Union (Metairie, LA) announced on September 26 that Synovus Bank, a subsidiary of Synovus Financial Corp., has entered into a purchase and assumption agreement to sell two branches in Mobile, Alabama, and one branch in Daphne, Alabama, to Jefferson Financial Federal Credit Union.

The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of $138 million in loans, $107 million in deposits, and other assets associated with two Synovus Bank branches located in Mobile, Alabama, and the one Synovus Bank branch located in Daphne, Alabama, in exchange for a deposit premium of $14,500,000.

The purchase of the branches is subject to regulatory approval and satisfaction of customary closing conditions and is expected to be completed in the first quarter of 2019.

Read the press release.
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1 comment:

  1. AnonymousSeptember 28, 2018 at 9:53 AM

    Synovus got paid a kings ransom for this.
    Who was Jefferson listening to or what were they basing their price on!

    ReplyDelete

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