United Community Bank, a regional bank with strong connections to Greenville, is planning to add Raleigh to the markets in four states where it operates.
United Community’s holding company, United Community Banks Inc., announced plans to buy Four Oaks Bank, based in Four Oaks, N.C., about 30 miles Southeast of Raleigh.
The buying bank said in a news release that 12 of the 14 offices operated by Four Oaks Bank are in the Raleigh metro area, including loan production offices in Raleigh and Apex.
United Community said it would pay a combination of stock and cash valued at $124 million.
It said the acquisition, scheduled to close in the fourth quarter, would dilute the tangible book value of its shares by less than 1 percent.
If the deal closes on schedule, it would be United Community’s fifth merger or acquisition in a little more than two years and give it 154 branches in the Carolinas, Georgia, and Tennessee.
United Community’s headquarters is in Blairsville, Ga., but seven out of 10 members of its executive team work in Greenville, including Lynn Harton, president and chief operating officer, and Jefferson Harralson, chief financial officer.