Corporate News Blog - Long Pending Franklin Financial Network Merger with Civic Bank & Trust moves forward; FSB Files Application with Federal Reserve for Merger Approval
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LONDON, UK / ACCESSWIRE / November 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Franklin Financial Network, Inc. (NYSE: FSB), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FSB. Franklin Financial Network ("FSB"), the parent Company of Franklin Synergy Bank announced on November 10, 2017, that it has filed an application with the Federal Reserve seeking approval for the merger with Civic Bank & Trust ("Civic"). FSB has announced the merger of Franklin Synergy Bank with Civic Bank & Trust in December 2015. The filing of the application with Federal Reserve will bring FSB closer to completing the merger and acquisition of Civic. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Details of Franklin Synergy Bank with Civic Bank & Trust
FSB had announced the merger of Franklin Synergy Bank with Civic in December 2015 with the aim of expanding its presence in the Nashville market and strengthening its presence in the Middle Tennessee region. The all-stock transaction was valued approximately $29.7 million and shareholders of Civic were to receive shares of FSB. Once the transaction is completed, FSB is expected to own 91% in the merged entity and balance 9% would be owned by Civic's shareholders. The merged entity is expected to have total assets of $2.1 billion, $1.8 billion in total deposits and $1.2 billion in total loans as on September 30, 2015. The merged entity would also expand its presence across 13 offices in Davidson, Williamson, and Rutherford counties. The transaction was expected to be accretive to FSB's operating EPS immediately. The deal was approved by the Board of both Companies and was expected to close in Q2 2016 subject to receiving shareholders and regulatory approvals and other closing conditions.
Delays in merger
In May 2016, the FSB had revealed that it would be unable to complete the merger within the estimated time. The reason for the delay was due to concerns raised by federal bank regulators with regards to the bank's compliance procedures and systems considering the bank's surging growth. The Federal Reserve regulators required FSB to beef up their underwriting, internal controls, and risk management policies related to their commercial real estate lending. In November 2016, FSB signed a memorandum of understanding with the Federal Reserve Bank of Atlanta and the Tennessee Department of Financial Institutions for the same. FSB had indicated that the compliance would further delay the acquisition of Civic. The closure date for the merger was pushed back to June 30, 2017. FSB planned to rectify and address the concerns of the federal regulators by hiring support to fix the issues raised by them. In January 2017, FSB announced that the acquisition of Civic would not be able to be completed by June 30, 2017, as previously estimated. The reason being that FSB would have to complete certain regulatory exams mandated by the federal regulators including the consumer compliance processes examination in late March 2017 followed by a broader safety and soundness exam scheduled in July 2017. In October 2017, FSB said that it had completed the regulatory exams and it expected to move ahead with the acquisition of Civic. FSB had time till November 15, 2017, the new deadline for filing of a formal application with the Federal Reserve to complete the acquisition.
About Civic Bank & Trust
Civic Bank & Trust was chartered in 2005 by a group of Middle Tennessee business owners and bankers. It has two offices, one in Davidson County and one in Williamson County. The bank provides deposit and loan products and treasury management for businesses and consumers.
Civic Bank & Trust had total assets of $141.1 million, total loans of $80.2 million, and total deposits of $105.2 million as on September 30, 2015.
About Franklin Financial Network, Inc.
Franklin, Tennessee based FSB is a financial holding Company which owns the Franklin Synergy Bank, a Tennessee-chartered commercial bank founded in November 2007. The Franklin Synergy Bank is a member of the Federal Reserve System, provides a full range of banking and related financial services with a focus on service to small businesses, corporate entities, local governments and individuals. The Bank has 12 branches and one loan production office in the growing Williamson, Rutherford and Davidson Counties.
The Bank has consolidated total assets of approximately $3.57 billion as on September 30, 2017
Last Close Stock Review
On Friday, November 10, 2017, Franklin Financial Network's stock closed the trading session at $32.15, marginally up 0.47% from its previous closing price of $32.00. A total volume of 62.16 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 13.27 and currently have a market cap of $422.77 million.
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