Synovus Financial has signed a definitive merger agreement to acquire FCB Financial Holdings, owner of Florida Community Bank (FCB), in a deal valued at $2.9bn.

Under the terms of the merger agreement, all FCB shareholders will receive 1.055 shares of each Synovus common stock in this all-stock transaction.

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After the completion of the transaction, FCB shareholders will own nearly 30% of the combined company.

Synovus chairman and CEO Kessel Stelling said: “This acquisition will expand our presence in the high-growth South Florida marketplace while leveraging FCB’s market leading reputation, culture, and successful organic growth platform.”

Following the completion of the transaction, Synovus will gain $9.9bn in deposits and 50 full-service banking centres making it one of the largest regional banks with pro forma $36bn in deposits and $44bn in assets.

Further, it is expected to realise nearly $40m in pre-tax synergies by 2020.

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FCB Financial Holdings president and CEO Kent Ellert said: “The FCB team is excited to join the Synovus family and we look forward to being part of one of the most prominent and successful regional banks in the country.

“We are enthusiastic about our similar cultures, which are community- and customer-centric, and are confident our combined companies will help us build upon the great client relationships that have resulted in more than $11bn of organic loan production and 22 consecutive quarters of record operating results for FCB.”

The transaction is expected to close by the first quarter of next year, subject to regulatory and shareholder approvals.

The agreement is already approved by the firms’ boards of directors.