Synovus Financial Corp. (NYSE: SNV) and Jefferson Financial Federal Credit Union today announced 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. The Synovus Bank branches will continue operating as Synovus Bank until the transaction is completed. At that time, the branches will operate under the name of Jefferson Financial Federal Credit Union.
The Burke Group, LLC acted as financial advisor to Synovus Financial Corp., and Alston & Bird LLP acted as its legal counsel. Jefferson Financial Federal Credit Union was represented by the law firm of Howard & Howard Attorneys PLLC.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $32 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the countrys 10 Most Reputable Banks by American Banker and the Reputation Institute for four consecutive years. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.
About Jefferson Financial Federal Credit Union
Originally chartered in 1966, Jefferson Financial Federal Credit Union was created to serve the Jefferson Parish Public School System. Since then, the Credit Union has grown to a $947 million dollar, full-service financial institution serving anyone that lives, works, worships or attends school in 12 counties across southern Louisiana and south central Alabama.
Jefferson Financial Federal Credit Union provides an array of financial products and services to meet the needs of consumer and commercial members. Helping members achieve their financial success is not only a mission statement but the driving force behind the Credit Union.
Cautionary Statement Regarding Forward-Looking Information
This press release and certain of Synovus other filings with the U.S. Securities and Exchange Commission contain statements that constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus use of words such as believes, anticipates, expects, may, will, assumes, should, predicts, could, would, intends, targets, estimates, projects, plans, potential and other similar words and expressions of the future or otherwise regarding the outlook for Synovus future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, including, among others, the completion of the branch sale, which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus filings with the Securities and Exchange Commission, including the prospectus supplement and accompanying prospectus, the automatic shelf registration statement on Form S-3, Synovus Annual Report on Form 10-K for the year ended December 31, 2017, under the captions Cautionary Notice Regarding Forward-Looking Statements and Risk Factors and in Synovus quarterly reports on Form 10-Q and current reports on Form 8-K. Synovus believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Synovus does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.