Cadence Bank (CADE) said late Wednesday it has agreed to acquire and merge with FCB Financial in a cash-and-stock deal valued at roughly $103.6 million.

The merger agreement calls for Cadence to issue 2.3 million common shares and pay $23.1 million in cash for FCB's outstanding stock, subject to certain conditions and potential adjustments, according to Cadence.

The boards of both Cadence and FCB have approved the transaction, which still requires regulatory and FCB shareholders' approvals, Cadence said.

Cadence expects the transaction to close in Q3.

FCB is the parent company of First Chatham Bank, a Savannah, Georgia-based community bank.

Shares of Cadence were up 1.6% in after-hours activity.

Price: 36.50, Change: +0.59, Percent Change: +1.64