UNITED COMMUNITY BANKS INC (UCB): M&A transaction — United Community Banks closes $296M stock merger with Progress Financial Corp.

UNITED COMMUNITY BANKS INC

Effective Jan 3, 2023: each Progress share converted to 0.770 UCBI shares; total ~8.771M new UCBI shares issued.
Transaction valued at ~$296.4M based on UCBI Dec 30, 2022 closing price of $33.76.
Progress had $1.7B assets, $1.4B loans, $1.5B deposits as of Sept 30, 2022; 14 branches in AL and FL Panhandle.
David Nast named United Community Bank State President for Alabama and Florida Panhandle.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

UNITED COMMUNITY BANKS INC completed an acquisition involving Progress Financial Corporation for approximately $296.4 million (closed 2023-01-03).

Action: acquisition
Counterparty: Progress Financial Corporation
Consideration: approximately $296.4 million
Closing: 2023-01-03

Exact text from the filing

President, Alabama and Florida Panhandle. In connection with the Merger, United issued approximately 8,771,000 shares of United Common Stock, which had a value of approximately $296.4 million based on the closing price of United Common Stock on December 30, 2022. Each share of United Common Stock outstanding prior to the Merger remained outstanding and unaffected by

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Source: SEC EDGAR

accession 0001104659-23-000785

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