Blairsville, Ga.-based United Community Bank announced concluding its $240.5 million acquisition of former Greenville-based The Palmetto Bank with the conversion of all accounts and the completion of its rebranding efforts. UCB rolled out signage and completed conversions for all bank systems and customer operations for the 25 acquired Palmetto branches last week.
“United Community Bank is excited to move forward together with our Palmetto family. The similar values and legacies of our two institutions have helped to make this a smooth transition for both employees and customers,” said Sam Erwin, previous CEO and president of The Palmetto Bank, now regional president and CEO in South Carolina for United Community Bank. “We look forward to continuing to provide the best customer service in the Southeast as a unified organization.”
As of June 30, 2015, 108-year-old Palmetto Bank had 25 locations in South Carolina with assets of $1.2 billion with loans of $832 million and deposits of $967 million. At that time, United Community Bank had 104 locations across four states with assets of $7.7 billion. The acquisition brought UCB to $9.4 billion in assets with 133 operating offices in Georgia, North Carolina, South Carolina and Tennessee.
The branch rebranding conversions included the prominent former Palmetto Bank building at the intersections of E. North and N. Church streets, one of the primary routes to exit downtown Greenville east to I-385.