Iberiabank Corp. (IBKC) in Layfayette, La., has agreed to buy Synovus Financial (SNV) operations in Memphis.
The $12.8 billion-asset Iberiabank said Friday that it will acquire six branches from Synovus, along with $131 million in loans and $205 million in deposits. Terms of the agreement were not disclosed.
Iberiabank expects to consolidate some of the branches after the deal closes, which is expected to take place by the end of this year. Iberiabank has three branches and four loan production offices in Memphis, as well as $376 million in loans, $162 million in deposits and 49 full-time employees. Synovus has 33 employees in the city; Iberiabank did not say how many they expect to keep, and a calls to a company spokeswoman was not immediately returned.
"We are very excited about this opportunity to expand our Memphis franchise," Greg Smithers, Iberiabank's market president for Memphis, said in a press release. "The addition of these branches and this great team enhances our commitment to serve our clients by providing greater access to banking services in convenient locations."
Burke Group and the law firm of Alston & Bird advised Synovus; the law firm Jones Walker advised Iberiabank
The $26.2 billion-asset Synovus, based in Columbus,. Ga., exited the Troubled Asset Relief Program last month with a $968 million payment. It had been one of the largest banks still remaining in the program.