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Jefferson Financial to acquire 3 Alabama-based Synovus branches.

BANKING AND CREDIT NEWS-October 3, 2018-Jefferson Financial to acquire 3 Alabama-based Synovus branches

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Synovus Financial Corp. (NYSE: SNV) has announced Synovus Bank, a subsidiary of Synovus Financial, has entered into a purchase and assumption agreement with Jefferson Financial Federal Credit Union to sell two branches in Mobile, Alabama, and one branch in Daphne, Alabama, to Jefferson Financial Federal Credit Union, the company said.

The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of USD 138 million in loans, USD 107 million in deposits, and other assets associated with the three branches in exchange for a deposit premium of USD 14,500,000.

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.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately USD 32 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches in the US.

Jefferson Financial Federal Credit Union was created to serve the Jefferson Parish Public School System. Since then, the Credit Union has grown to a USD 947 million dollar, full-service financial institution.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U6AL
Date:Oct 3, 2018
Words:233
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