United Community Banks, Inc. Announces Completion of Merger With Aquesta Financial Holdings, Inc. and Aquesta Bank
October 01 2021 - 8:00AM
United Community Banks, Inc. (NASDAQ: UCBI) (United) has completed
its merger, effective October 1, 2021, with Aquesta Financial
Holdings, Inc. (OTC Pink: AQFH) (Aquesta), including its
wholly-owned subsidiary, Aquesta Bank, which was merged into
United’s bank subsidiary, United Community Bank. Aquesta will now
operate under the United brand.
Aquesta brings a premier franchise focused on
providing personal service to business owners and individuals who
care about their community. Their nine branches, located in
Charlotte’s most attractive markets and also in the coastal city of
Wilmington, North Carolina, will add to United’s high growth
footprint. As of June 30, 2021, Aquesta reported total assets of
$739 million and $641 million in deposits. Ninety-three percent of
Aquesta’ s deposits were non-CD, core deposits.
“We are excited to welcome a group of
like-minded bankers to the United team. Aquesta is known for
community engagement, employee satisfaction, and customer service –
all attributes that United is passionate about,” said Lynn Harton,
Chairman and Chief Executive Officer of United. “Jim Engel, Founder
and CEO of Aquesta, built the company with a strategy of providing
relationship banking in great markets and we look forward to
continuing to grow and expand on this foundation together.”
Jim Engel, President and Chief Executive Officer
of Aquesta, stated, “We are excited that by joining United, we are
able to continue our customer and community service mission as well
as our dedication to relationship banking. As we have been working
closely with one another to unify our two teams, my belief that we
share a common culture, values, and approach to serving our
customers and communities is stronger than ever. Now that we are
able to better serve our customers with a larger balance sheet and
expanded products and services we have a tremendous opportunity to
grow our presence and reach in Charlotte and other key markets in
the Carolinas. The synergies that exist between our companies will
result in an even more capable and profitable company
together.”
Hovde Group, LLC acted as financial advisor to
United, and Nelson Mullins Riley & Scarborough LLP served as
United’s legal advisor. Piper Sandler & Co. served as Aquesta’s
financial advisor, and Wyrick Robbins Yates & Ponton LLP served
as Aquesta’s legal advisor.
About United Community Banks,
Inc.United Community Banks, Inc. (NASDAQGS: UCBI) provides
a full range of banking, wealth management and mortgage services
for relationship-oriented consumers and business owners. The
company, known as “The Bank That SERVICE Built,” has been
recognized nationally for delivering award-winning service. United
has $18.9 billion in assets and 162 offices in Florida, Georgia,
North Carolina, South Carolina and Tennessee along with a national
SBA lending franchise and a national equipment lending subsidiary.
In 2021, J.D. Power ranked United highest in customer satisfaction
with retail banking in the Southeast, marking seven out of the last
eight years United earned the coveted award. United was also named
one of the "Best Banks to Work For" by American Banker in 2020 for
the fourth year in a row based on employee satisfaction. Forbes
included United in its inaugural list of the World’s Best Banks in
2019 and again in 2020. Forbes also recognized United on its 2021
list of the 100 Best Banks in America for the eighth consecutive
year. United also received five Greenwich Excellence Awards in 2020
for excellence in Small Business Banking, including a national
award for Overall Satisfaction. Additional information about United
can be found at www.ucbi.com.
Caution About Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In general, forward-looking statements usually may be identified
through use of words such as “may,” “believe,” “expect,”
“anticipate,” “intend,” “will,” “should,” “plan,” “estimate,”
“predict,” “continue” and “potential” or the negative of these
terms or other comparable terminology, and include statements
related to expected returns and other benefits of the Merger to
shareholders, expected improvement in operating efficiency
resulting from the Merger, estimated expense reductions resulting
from the Merger and the timing of achievement of such reductions,
the impact on and timing of the recovery of the impact on tangible
book value, and the effect of the Merger on United’s capital
ratios. Forward-looking statements are not historical facts and
represent management’s beliefs, based upon information available at
the time the statements are made, with regard to the matters
addressed; they are not guarantees of future performance. Actual
results may prove to be materially different from the results
expressed or implied by the forward-looking statements.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties that change over time and could cause
actual results or financial condition to differ materially from
those expressed in or implied by such statements.
Factors that could cause or contribute to such differences
include, but are not limited to (1) the risk that the cost savings
and any revenue synergies from the Merger may not be realized or
take longer than anticipated to be realized, (2) disruption from
the Merger of customer, supplier, employee or other business
partner relationships, (3) reputational risk and the reaction of
each of the companies’ customers, suppliers, employees or other
business partners to the Merger, (4) the risks relating to the
integration of Aquesta’s operations into the operations of United,
including the risk that such integration will be materially delayed
or will be more costly or difficult than expected, (5) the risks
associated with United’s pursuit of future acquisitions, (6) the
risks associated with expansion into new geographic or product
markets, and (7) general competitive, economic, political and
market conditions. Further information regarding additional factors
which could affect the forward-looking statements can be found in
the cautionary language included under the headings “Cautionary
Note Regarding Forward-Looking Statements” and “Risk Factors” in
United’s Annual Report on Form 10-K for the year ended December 31,
2020, and other documents subsequently filed by United with the
U.S. Securities and Exchange Commission (“SEC”).
Many of these factors are beyond United’s and Aquesta’s ability
to control or predict. If one or more events related to these or
other risks or uncertainties materialize, or if the underlying
assumptions prove to be incorrect, actual results may differ
materially from the forward-looking statements. Accordingly,
shareholders and investors should not place undue reliance on any
such forward-looking statements. Any forward-looking statement
speaks only as of the date of this communication, and
neither United nor Aquesta undertakes any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. New risks and uncertainties may emerge from time to time, and
it is not possible for United or Aquesta to predict their
occurrence or how they will affect United or Aquesta.
United and Aquesta qualify all forward-looking statements by
these cautionary statements.
For more information:Jefferson HarralsonChief
Financial Officer(864) 240-6208Jefferson_Harralson@ucbi.com
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