United Community Bank to buy FinTrust Capital Partners

United Community Bank announced on Thursday, May 13 that it is expanding its advisory services by acquiring FinTrust Capital Partners of Greenville. The acquisition — expected to close in Q3 2021 — will allow UCB to increase its offerings of wealth and investment management services to customers across the bank’s markets.

FinTrust held assets worth $2 billion as of March 2021.

“Our investment advisory business has grown organically over the past several years and was expanded in 2020 with a broader product offering with the acquisition of Seaside and their wealth management business. The addition of FinTrust, a strong and growing registered investment adviser, continues the expansion of our product offerings and gives us additional opportunities to provide a full range of financial services to our customers,” UCB’s chairman and CEO Lynn Harton said in a release.

The acquisition also covers FinTrust’s operating subsidiaries FinTrust Capital Advisors, LLC, FinTrust Capital Benefit Group, LLC and FinTrust Brokerage Services, LLC.

“This opportunity significantly increases our advisory assets under management and adds an established team of professionals that we are very pleased to welcome to United,” Harton added.

UCB’s board of directors has already approved the acquisition which requires regulatory approval, according to the bank. If approved, FinTrust will be an operation subsidiary of UCB.

In March 2020, UCB acquired Seaside National Bank and Trust through its acquisition of Threee Shores Bancorporation. Several businesses operating under the Seaside banner will merge with FinTrust’s brand.

“We thoughtfully built our firm from the ground up and as a result we have attracted high quality, dedicated employees and loyal clients who are the cornerstone of our success,” said FinTrust’s co-founder, Phillip Brice. “It has always been our focus to provide the highest quality service to our clients. We have built a highly-scalable operation and with United’s resources, capital, and commitment to the investment advisory business, we are excited about our future growth throughout the Southeast.”