IberiaBank has signed a definitive agreement to buy the Memphis operations of Trust One Bank, a division of Synovus Bank. Financial terms of the transaction, scheduled to close by the end of the year, were not disclosed.
As part of the agreement, IberiaBank will acquire certain loans and other assets and assume substantially all of the deposits associated with the six-branch Memphis operations of Synovus Bank. IberiaBank expects to consolidate some branch offices to gain efficiencies.
Completion of the transaction is subject to customary closing conditions, including required regulatory approvals.
"In addition to this acquisition, in the very near future we will be launching 10 additional ATMs in select Rite Aid locations throughout the Greater Memphis area," Greg Smithers, IberiaBank's Memphis market president, said in a prepared announcement. "Look for more information coming soon regarding this great news."
As of Aug. 31, Synovus Bank had $131 million in loans and $205 million in deposits and 33 employees serving the Memphis market through its six bank branch offices.