United Community Banks Inc. and Three Shores Bancorporation Inc. have completed their merger on July 1, 2020, the banks announced.
Seaside National Bank and Trust, a subsidiary of Three Shores, has also merged with United’s bank subsidiary, United Community Bank. The Seaside National Bank and Trust will continue to operate under its current brand.
United’s acquisition of Three Shores will allow it to expand with a wealth management platform. It will also bring Seaside’s commercial and industrial focus across the Southeast.
Three Shores maintains 14 banking offices across Florida. The company had $1.8 billion in assets, $1.5 billion in deposits and $1.4 billion in loans as of March 31, 2020, and had approximately $857 million in assets under advisement, according to a release.
Seaside’s founder, president and CEO, Gideon Haymaker, will become United’s president for Florida, where he will lead the expansion of the company’s wealth management offering.
“We had discussions with a number of potential partners, but none that we believed was a good fit until we met with the United team,” Haymaker said. “We believe that the United transaction provides an excellent combination of liquidity and a favorable outcome for our investors. It also provides our bank with a larger balance sheet and additional resources that will support the goals of our talented management team.”
Lynn Harton, chairman and CEO of United, said the United team had been looking for the right opportunity to enter Florida “in the right markets, with the right business model and most importantly with the right people.
“We believe that we have accomplished all of these things with this merger,” he added. “We are very excited to have Seaside’s talented team join the United team and help us lead our expansion into Florida.”