United Community Banks Inc. and Three Shores Bancorporation Inc. have reached a definitive agreement for United Community Banks to acquire Three Shores, including its wholly-owned subsidiary,
The agreement was reached earlier this month, according to a news release, and the transaction is expected to be completed in the third quarter of this year, subject to customary conditions, including regulatory approval as well as the approval of Three Shores’ shareholders.
Three Shores and
“This transaction is consistent with our commitment to grow our commercial lending business and to deepen our client offerings,” Lynn Harton, chairman and CEO of United Community Banks, said in the news release. “Seaside adds the ability to supplement our traditional retail branch and commercial model with a ‘branch lite’ C&I focus. Our larger balance sheet and low-cost funding brings capital needed to continue to grow Seaside’s business and relationships. Additionally, the financial returns of the transaction are not reliant on high cost savings or on revenue synergies. However, we do believe these opportunities will exist as we will be able to offer expanded products and services through our combined franchise.”
The transaction value is estimated to total approximately
United Community Banks is a bank holding company headquartered in