Greenville bank makes $116M merger plans with First Miami Bancorp.

PositionUnited Community Banks Inc.

United Community Banks Inc. and First Miami Bancorp Inc. have reached a definitive merger agreement for Greenville-based United Community Bank to purchase First Miami in an all-stock transaction valued at almost $116 million.

First Miami shareholders will receive a special cash dividend at closing from net proceeds of the sale of certain investment securities held by the bank, according to a news release. First Miami Bancorp Inc. is headquartered in South Miami, Fla., and operates First National Bank of South Miami in three offices in the Miami metro area. The company's assets Dec. 31, 2022 included $1.0 billion, total loans of $594 million, and total deposits of $867 million.

In addition to traditional banking services, FNBSM offers private banking, trust and wealth management services and has approximately $310 million in assets under management, the news release said.

"We are extremely pleased to join forces with FNBSM to expand our presence in Miami," Lynn Harton, chairman and CEO of United, said in the release. "I know firsthand the strength and vibrancy of the Miami market from my past career experience. I look forward to working with the leadership team of FNBSM to continue to grow in one of the most attractive metropolitan areas in the country."

Under the terms of the merger agreement, First Miami shareholders will receive 40.2685 shares of United common stock for each share of First Miami common stock outstanding.

Related news: United Community Bank completes merger with Alabama bank

"We believe FNBSM's culture is a great fit with our culture at United" Harton said in the release. "We are focused on building talented, service-minded teams who are empowered to build communities one customer at a time. We also appreciate FNBSM's strong credit focus and their ability to...

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