United Group Banks Inc. and Three Shores Bancorporation Inc. have reached a definitive settlement for United Group Banks to amass Three Shores, together with its wholly-owned subsidiary, Seaside Nationwide Financial institution & Belief.
The settlement was reached earlier this month, in line with a information launch, and the transaction is anticipated to be accomplished within the third quarter of this 12 months, topic to customary situations, together with regulatory approval in addition to the approval of Three Shores’ shareholders.
Headquartered in Orlando, Fla., Seaside is a business lender with a wealth administration platform. Its buyer base contains excessive internet worth people and middle-market companies served by means of a community of 14 branches in Florida metro markets, in line with the information launch. As of Dec. 31, 2019, Seaside reported excellent loans totaling roughly $1.four billion. Moreover, Seaside operates a wealth administration platform with greater than $900 million of consumer property below advisement, the information launch stated.
Three Shores and Seaside have been based in 2006 by Gideon Haymaker, who continues to guide the corporate as president and CEO. He will develop into a part of United’s group and proceed to guide the Florida market, in line with the discharge.
“This transaction is consistent with our commitment to grow our commercial lending business and to deepen our client offerings,” Lynn Harton, chairman and CEO of United Group Banks, stated within the information launch. “Seaside adds the ability to supplement our traditional retail branch and commercial model with a ‘branch lite’ C&I focus. Our larger balance sheet and low-cost funding brings capital needed to continue to grow Seaside’s business and relationships. Additionally, the financial returns of the transaction are not reliant on high cost savings or on revenue synergies. However, we do believe these opportunities will exist as we will be able to offer expanded products and services through our combined franchise.”
The transaction value is estimated to whole roughly $180 million, together with roughly $25 million being paid to holders of choices and follow-on rights to amass Three Shores widespread stock, the discharge stated.
United Group Banks is a financial institution holding firm headquartered in Blairsville, Ga., with government workplaces in Greenville.