Greenville-based United Community Banks Inc. (United), announced May 4 it is acquiring Progress Financial Corporation (Progress) of Huntsville, Alabama and its subsidiary, Progress Bank & Trust through a $271.5 million merger agreement.
As part of the agreement, Progress shareholders will receive 0.77 shares of United common stock for each share of outstanding Progress common stock. The merger is expected to be completed in the fourth quarter of 2022 and is subject to customary conditions, including regulatory approval as well as the approval of Progress’s shareholders.
“We believe Progress and United to be a great cultural fit and are excited to join forces in Alabama and the Florida panhandle,” said United chairman and chief executive officer Lynn Harton. “Progress bankers and their customers will benefit from the expanded products and resources that we are able to bring to the table. Our M&A focus has continued to be on high-growth markets in the Southeast with attractive demographics and strong in-migration. Progress’ footprint will complement our existing markets and be accretive to our franchise value. We have been investing in Birmingham over the past several years and have SBA and Senior Care teams already in place. I spent several years as a banker in these markets and know well the potential they represent. I am looking forward to bringing Progress into the United team.”
Progress operates 14 offices in Southeastern markets such as Huntsville, Birmingham, Daphne and Tuscaloosa, Alabama and the Florida Panhandle. It also offers wealth management and private banking through Progress Financial Services, a division of Progress Bank. As of March 31, 2022, the Alabama-based financial institution’s assets included:
- $1.9 billion in assets
- $1.3 billion in loans
- $1.7 billion deposits
- $1.2 billion in assets under management