United Community Closes USD 240.5m Acquisition of Palmetto Bancshares.
8 September 2015 - US-based financial services firm United Community Banks, Inc. (NASDAQ: UCBI) has closed its acquisition of US-based bank holding company Palmetto Bancshares, Inc. (NASDAQ: PLMT), the company said.
In April, the two banks agreed to merge in a USD 240.5m, cash and stock deal.
Under the terms of the merger agreement between United and Palmetto, Palmetto shareholders had the right to receive USD 19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each of the 12,813,358 shares of Palmetto common stock outstanding.
The cash and stock elections were subject to proration to ensure that 30% of the outstanding shares of Palmetto common stock will be exchanged for cash and 70% of the outstanding shares of Palmetto common stock will be exchanged for shares of United common stock in the merger.
United Community Banks is a bank holding company based in Blairsville, Georgia, with USD 8.2bn in assets.
The company's banking subsidiary, United Community Bank, is one of the Southeast's largest full-service banks, operating 114 offices in Georgia, North Carolina, South Carolina and Tennessee.
Palmetto Bancshares is a 108-year old community bank and is the third largest banking institution headquartered in South Carolina. The Palmetto Bank has assets of USD 1.2bn and serves Upstate South Carolina through 25 branch locations in nine counties.
Sector: Banking/Financial Services
Target: Palmetto Bancshares, Inc
Buyer: United Community Banks, Inc
Deal size in USD: 240.5m
Type: Corporate Acquisition
Financing: Cash and Stock
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Sep 8, 2015|
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