UCBI - United Community Banks and Progress Financial to merge

United Community Banks (NASDAQ:UCBI) to acquire Progress, and its wholly-owned subsidiary, Progress Bank & Trust, in an all-stock transaction with an aggregate value of ~$271.5M. Or $23.52 per share of common stock, based on United’s closing stock price of $30.55 as of May 3, 2022. As of March 31, 2022, Progress had total assets of $1.9B, total loans of $1.3B, and total deposits of $1.7B. Under the terms of the merger agreement, Progress shareholders will receive 0.77 shares of United for each share of Progress.  Merger is expected to be accretive to United’s earnings per share, excluding transaction costs, by approximately $0.07 per share, or 2.0% in 2023.

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United Community Banks and Progress Financial to merge