UCBI - United Community Banks to acquire First Miami Bancorp in $115.9M all-stock deal
- United Community Banks ( NASDAQ: UCBI ) said Monday it will acquire First Miami Bancorp ( OTC:FMIA ) in an all-stock deal valued at ~$115.9M , or $1,330 per share.
- First Miami ( OTC:FMIA ) shareholders will also receive a special cash dividend at closing from net proceeds of the sale of certain investment securities held by First Miami ( OTC:FMIA ).
- First Miami ( OTC:FMIA ) shareholders will receive 40.2685 United ( UCBI ) shares for each First Miami ( OTC:FMIA ) share.
- The acquisition is expected to be accretive to United's ( UCBI ) EPS, excluding transaction costs, by ~$0.09/share, or 3% in 2024.
- As of December 31, 2022, First Miami's ( OTC:FMIA ) unit First National Bank of South Miami had total assets of $1B, total loans of $594M, total deposits of $867M, and ~$310M assets under management.
- The deal is expected to be completed in Q3.
- Earlier, United ( UCBI ) reported Q4 results that missed expectations .
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United Community Banks to acquire First Miami Bancorp in $115.9M all-stock deal