United Community Bank acquiring Three Shores banks in Florida

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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, Seaside National Bank & Trust.

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.

Headquartered in Orlando, Fla., Seaside is a commercial lender with a wealth management platform. Its customer base includes high net worth individuals and middle-market businesses served through a network of 14 branches in Florida metro markets, according to the news release. As of Dec. 31, 2019, Seaside reported outstanding loans totaling approximately $1.4 billion. Additionally, Seaside operates a wealth management platform with more than $900 million of client assets under advisement, the news release said.

Three Shores and Seaside were founded in 2006 by Gideon Haymaker, who continues to lead the company as president and CEO. He will become part of United’s team and continue to lead the Florida market, according to the release.

“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 $180 million, including approximately $25 million being paid to holders of options and follow-on rights to acquire Three Shores common stock, the release said.

United Community Banks is a bank holding company headquartered in Blairsville, Ga., with executive offices in Greenville.