Synovus Financial Corp. and Jefferson Financial Federal Credit Union today announced that Synovus Bank, a subsidiary of Synovus Financial Corp., has entered into a purchase and assumption agreement to sell two branches in Mobile, Alabama, and one branch in Daphne, Alabama, to Jefferson Financial Federal Credit Union.

The purchase and assumption agreement provides for the transfer by Synovus Bank to Jefferson Financial Federal Credit Union of $138 million in loans, $107 million in deposits, and other assets associated with two Synovus Bank branches located in Mobile, Alabama, and the one Synovus Bank branch located in Daphne, Alabama, in exchange for a deposit premium of $14,500,000.

The purchase of the branches is subject to regulatory approval and satisfaction of customary closing conditions and is expected to be completed in the first quarter of 2019. The Synovus Bank branches will continue operating as Synovus Bank until the transaction is completed. At that time, the branches will operate under the name of Jefferson Financial Federal Credit Union.

The Burke Group, LLC acted as financial advisor to Synovus Financial Corp., and Alston & Bird LLP acted as its legal counsel. Jefferson Financial Federal Credit Union was represented by the law firm of Howard & Howard Attorneys PLLC.