Synovus Bank had $131m in loans and $205m in deposits and 33 staff serving the Memphis market through six bank branch offices, as of 31 August 2013.
Iberiabank had nearly $376m in loans and about $162m in deposits and 49 full-time employees in three offices and four mortgage loan origination locations, as of 31 August 2013.
Post-transaction, the acquirer will integrate certain branch offices to gain efficiencies.
Iberiabank Memphis market president Greg Smithers said that the addition of these branches and this great team enhances its commitment to serve clients by offering greater access to banking services in convenient locations.
"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," Smithers added.
Following approvals from the concerned regulators as well as satisfying certain customary closing conditions, the transaction is likely to complete by the end of 2013.
Synovus Bank was advised by the investment banking firm The Burke Group and the law firm of Alston & Bird , while Iberiabank was advised by the law firm of Jones Walker.
