Progress's bank subsidiary, Progress Bank and Trust, was merged into United's bank subsidiary, United Community Bank. Progress will now operate under the United brand, according to a news release.
Progress is headquartered in Huntsville, Ala., and operates a 14-branch network in Alabama markets including Birmingham, Daphne, Decatur, Florence and Tuscaloosa; and on the Florida Panhandle from Destin to Panama City. As of Sept. 30, 2022, Progress reported total assets of $1.7 billion, total loans of $1.4 billion, and total deposits of $1.5 billion, according to the news release.
"We are very pleased and grateful to be able to welcome this group of talented bankers to the United team,” Lynn Harton, chairman and CEO of United, said in the news release. “Progress has a culture much like ours with a commitment to community engagement, customer service and the employee experience. Chairman and Chief Executive Officer David Nast founded Progress in 2008 with a goal of providing the products and services of a larger bank, but with the attention and local service that customers deserve — the same model we strive to execute at United. We look forward to continuing to grow together.”
The two companies in May 2022 announced their merger plans.
“We are excited to be joining United, where we can continue with our founding principles and dedication to community service and relationship banking,” Nast said in this week’s news release. “We have growth opportunities, including many from new offices and markets added over the past two years, that we know will accelerate with United. Our partnership provides us the immediate benefit of being able to better serve our customers with a larger balance sheet and expanded products and services. I am proud to be a part of the United team and look forward to leading the Alabama and Florida Panhandle markets.”
United Community Bank was based in Blairsville, Ga., with executive offices in Greenville for several years before officially moving headquarters to the Upstate in February 2021. A $50 million building is under construction downtown now.
Piper Sandler & Co. acted as financial advisor to United, and Nelson Mullins Riley & Scarborough LLP served as United's legal advisor. Stephens Inc. served as financial advisor to Progress, and Maynard Cooper & Gale, PC served as Progress' legal advisor.