United Community Banks Inc., based in Greenville. (United), announced on May 4 the acquisition Progress Financial Corporation (Progress) of Huntsville, Alabama and its subsidiary, Progress Bank and Trust through a $271.5 million merger deal.
As part of the agreement, Progress shareholders will receive 0.77 shares of United common stock for each Progress common stock outstanding. The merger is expected to close in the fourth quarter of 2022 and is subject to customary conditions, including regulatory approval as well as approval from Progress shareholders.
“We believe Progress and United make a great cultural fit and we’re excited to join forces in Alabama and Florida,” said United Chairman and CEO Lynn Harton. “Progress bankers and their clients will benefit from the expanded products and resources we are able to bring to the table. Our M&A focus continued to be in high-growth Southeast markets with attractive demographics and high immigration. Progress’ footprint will complement our existing markets and contribute to the value of our franchise. We have been investing in Birmingham for several years and already have SBA and Senior Care teams in place. I spent several years as a banker in these markets and know the potential they represent. I can’t wait to integrate Progress into the United team.
Progress operates 14 offices in Southeast markets such as Huntsville, Birmingham, Daphne and Tuscaloosa, Alabama and Florida Panhandle. It also offers wealth management and private banking services through Progress Financial Services, a division of Progress Bank. As of March 31, 2022, the assets of the Alabama-based financial institution included:
- $1.9 billion in assets
- $1.3 billion in loans
- Deposits of $1.7 billion
- $1.2 billion in assets under management