United Community Banks completed its merger with Palmetto Bancshares and its wholly-owned subsidiary, Palmetto Bank, on Tuesday.
The merger effectively increases United's presence in the Greenville and upstate South Carolina regions.
Also on Tuesday, Palmetto Bank merged with United Community Bank, a wholly-owned subsidiary of United. The bank will continue to use the "Palmetto" Bank brand name until Palmetto's conversion to United’s operating system, which is expected to be completed by February. At that time, the bank will become United Community Bank.
“We are very pleased to join forces with the Palmetto Bank,” Jimmy Tallent, chairman and CEO of United, said.
Samuel Erwin, Palmetto Bank's chairman, president and CEO, and Lee Dixon, chief risk officer and chief operating officer of Palmetto Bank, will join United's leadership team.
“The combination with United will be seamless and beneficial for our customers. It provides a strong platform for further growth in our Upstate markets through enhanced resources, a wider range of products and a continued focus on service,” Erwin said.
There are 25 branches of Palmetto Bank in upstate South Carolina. The company has $1.2 billion in assets, $977 million in deposits and $824 million in loans.
United Community Banks is based in Blairsville, Georgia. The bank-holding company has $9.4 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast’s largest full-service banks, operating 133 offices in Georgia, North Carolina, South Carolina and Tennessee.
For more information about United Community Banks or the merger, log on to www.ucbi.com.