Regulators approve Foremost Bank sale

A final piece of the puzzle in the sale of Cabela’s was put into place Wednesday.

That piece, the approval by the federal regulators for a Georgia bank to acquire Cabela’s banking operation, was announced Wednesday.

In an SEC filing, Cabela’s reported the Federal Reserve approved the sale of Worl’s Foremost Bank to Georgia-based bank Synovus, which will keep $1.2 billion in deposits but resell the credit card business to Capital One.

According to an Associated Press report, the banking approval should allow the purchase of Cabela’s by Bass Pro, announced in November, to go through. Bass Pro’s offer to purchase did not include Cabela’s World’s Foremost Bank, which was sold in a separate deal.

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