Synovus Financial Corp. has received regulatory approval from the Federal Reserve and the Georgia Department of Banking and Finance to complete the merger with FCB Financial Holdings Inc., owner of Florida Community Bank.

The merger ofFlorida Community Bank into Synovus is slated to be completed around Jan. 1, subject to the satisfaction of customary closing conditions. Transition of Florida Community Bank systems, customers, branches, and branding to Synovus is expected during the second quarter of 2019.

“Regulatory approval is the final significant milestone in the merger of FCB and Synovus, and I am proud of the way our respective teams have worked together since the announcement of this transaction,” said Kessel Stelling, chairman and CEO of Synovus. “I am confident our combined companies will continue to meet our commitments to customers, communities, and shareholders while also achieving the growth and financial objectives of the Florida Community Bank acquisition.”

Household Debt Sets Record, Notes Nerd Wallet

Consumers have a collective $13.51 trillion in household debt.

Household debt, now $13.51 trillion, has surpassed the $12.37 trillion owed at the start of the Great Recession in December 2007, according to NerdWallet’s 2018 American Household Credit Card Debt Study.

Since 2008, median income has increased 22%, while the overall cost of living has increased 17%. But over the same period of time, medical costs increased 33 percent, and food purchased away from home increased 27 percent. These swiftly rising expenses could make it more challenging for many Americans to trim spending. Households that hold credit card debt carry an average revolving balance of $6,929, NerdWallet found, including $1,141 each year in interest.

To perform the study, NerdWallet analyzed data from the Federal Reserve and the Census Bureau.