United Community Banks, Inc. Announces Completion of Merger with Reliant Bancorp, Inc. and Reliant Bank
03 Januar 2022 - 2:00PM
United Community Banks, Inc. (NASDAQ: UCBI) (United) has completed
its merger, effective January 1, 2022, with Reliant Bancorp, Inc.
(NASDAQCM: RBNC) (Reliant), including its wholly-owned subsidiary,
Reliant Bank, which was merged with and into United’s bank
subsidiary, United Community Bank, and will now operate under the
United brand.
Reliant has a highly-valued franchise built upon
providing outstanding service and developing deep and long-lasting
relationships with its customers in the middle Tennessee market.
Reliant operates with a 24-branch network primarily in the
Nashville area, as well as Clarksville and Chattanooga.
Additionally, Reliant operates a manufactured housing finance group
based in Knoxville. As of September 30, 2021, Reliant reported
total assets of $3.0 billion, total loans of $2.5 billion, and
total deposits of $2.5 billion.
“We are excited and honored to welcome this
group of outstanding bankers to the United team. Reliant shares our
passion for providing a high level of community partnerships and
involvement, employee satisfaction, and customer service,” said
Lynn Harton, Chairman and Chief Executive Officer of United.
“Chairman and Chief Executive Officer DeVan Ard founded Reliant in
2006 and has led the company’s success by focusing on relationship
banking in one of the Southeast’s best markets, and we look forward
to continuing to execute and expand on this strategy together.”
Mr. Ard stated, “We are excited that by joining
United, we are able to continue with the community service and
relationship banking principles that built this company. We have
tremendous momentum and know that this will continue, and that
future growth opportunities will accelerate with United. It is
clear to me that we share a common culture, values, and approach to
serving our customers and communities. Together we will now be able
to better serve our customers with a larger balance sheet and
expanded products and services, which provides a tremendous
opportunity to grow in Nashville and other key markets in
Tennessee. I am very proud to be a part of the United team and to
lead that effort as the State President in Tennessee for
United.”
D.A. Davidson & Co., Morgan Stanley &
Co. LLC and Piper Sandler & Co. acted as financial advisors to
United, and Nelson Mullins Riley & Scarborough LLP served as
United’s legal advisor. Raymond James & Associates, Inc. and
Credit Suisse Securities (USA) LLC served as financial advisors to
Reliant, and K&L Gates LLP served as Reliant’s legal
advisor.
About United Community Banks,
Inc.United Community Banks, Inc. (NASDAQGS: UCBI) provides
a full range of banking, wealth management and mortgage services
for relationship-oriented consumers and business owners. The
company, known as “The Bank That SERVICE Built,” has been
recognized nationally for delivering award-winning service.
Following the January 1, 2022 acquisition of Reliant and the
October 1, 2021 acquisition of Aquesta Financial Holdings, Inc.,
United has approximately $23.5 billion in assets and 196 offices in
Florida, Georgia, North Carolina, South Carolina and Tennessee
along with a national SBA lending franchise and a national
equipment lending subsidiary. In 2021, J.D. Power ranked United
highest in customer satisfaction with retail banking in the
Southeast, marking seven out of the last eight years United earned
the coveted award. United was also named one of the "Best Banks to
Work For" by American Banker in 2021 for the fifth year in a row
based on employee satisfaction. Forbes included United in its
inaugural list of the World’s Best Banks in 2019 and again in 2020.
Forbes also recognized United on its 2021 list of the 100 Best
Banks in America for the eighth consecutive year. United also
received five Greenwich Excellence Awards in 2020 for excellence in
Small Business Banking, including a national award for Overall
Satisfaction. Additional information about United can be found at
www.ucbi.com.
Caution About Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In general, forward-looking statements usually may be identified
through use of words such as “may,” “believe,” “expect,”
“anticipate,” “intend,” “will,” “should,” “plan,” “estimate,”
“predict,” “continue” and “potential” or the negative of these
terms or other comparable terminology, and include statements
related to expected returns and other benefits of the merger to
shareholders, expected improvement in operating efficiency
resulting from the merger, estimated expense reductions resulting
from the merger and the timing of achievement of such reductions,
the impact on and timing of the recovery of the impact on tangible
book value, and the effect of the merger on United’s capital
ratios. Forward-looking statements are not historical facts and
represent management’s beliefs, based upon information available at
the time the statements are made, with regard to the matters
addressed; they are not guarantees of future performance. Actual
results may prove to be materially different from the results
expressed or implied by the forward-looking statements.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties that change over time and could cause
actual results or financial condition to differ materially from
those expressed in or implied by such statements.
Factors that could cause or contribute to such differences
include, but are not limited to (1) the risk that the cost savings
and any revenue synergies from the merger may not be realized or
take longer than anticipated to be realized, (2) disruption from
the merger of customer, supplier, employee or other business
partner relationships, (3) reputational risk and the reaction of
each of the companies’ customers, suppliers, employees or other
business partners to the merger, (4) risks relating to the
integration of Reliant’s operations into the operations of United,
including the risk that such integration will be materially delayed
or will be more costly or difficult than expected, (5) risks
associated with United’s pursuit of future acquisitions, (6) the
risks associated with expansion into new geographic or product
markets, and (7) general competitive, economic, political and
market conditions. Further information regarding additional factors
which could affect the forward-looking statements can be found in
the cautionary language included under the headings “Cautionary
Note Regarding Forward-Looking Statements” and “Risk Factors” in
United’s Annual Report on Form 10-K for the year ended December 31,
2020, and other documents subsequently filed by United with the
U.S. Securities and Exchange Commission.
Many of these factors are beyond United’s and Reliant’s ability
to control or predict. If one or more events related to these or
other risks or uncertainties materialize, or if the underlying
assumptions prove to be incorrect, actual results may differ
materially from the forward-looking statements. Accordingly,
shareholders and investors should not place undue reliance on any
such forward-looking statements. Any forward-looking statement
speaks only as of the date of this communication, and
neither United nor Reliant undertakes any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. New risks and uncertainties may emerge from time to time, and
it is not possible for United or Reliant to predict their
occurrence or how they will affect United or Reliant.
United and Reliant qualify all forward-looking statements by
these cautionary statements.
For more information:Jefferson HarralsonChief
Financial Officer(864) 240-6208Jefferson_Harralson@ucbi.com
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