---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-000785"
form_type: "8-K"
ticker: "UCB"
cik: "0000857855"
company_name: "UNITED COMMUNITY BANKS INC"
filed_at: "2023-01-04T23:59:59+00:00"
generated_at: "2026-06-20T20:37:50.549937+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# United Community Banks closes $296M stock merger with Progress Financial Corp.

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-000785
- form_type: 8-K
- ticker: UCB
- cik: 0000857855
- company_name: UNITED COMMUNITY BANKS INC
- filed_at: 2023-01-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/857855/000110465923000785/0001104659-23-000785-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/857855/000110465923000785/tm231415d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-000785
- JSON: https://secwatch.observer/filing/0001104659-23-000785.json
- Plain text: https://secwatch.observer/filing/0001104659-23-000785.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/857855/000110465923000785/0001104659-23-000785-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.