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United Community Banks in Blairsville, Ga., has agreed to buy Palmetto Bancshares in Greenville, S.C.
April 22 -
The banking company is the latest to flirt with a threshold that promises added regulatory burden. But a pause from more acquisitions should also give management a chance to brush up on deal integration before making an even larger acquisition.
April 22 -
Jimmy Tallent is leading an impressive comeback at United Community Banks in Georgia. But what's even more impressive is that he got the chance.
August 26
United Community Banks in Blairsville, Ga., has filed a shelf registration for senior notes to help pay for its acquisition of a South Carolina bank.
The $8.2 billion-asset company did not disclose the projected amount of proceeds from its planned sales of securities; the prospectus said the amount could be up to $300 million. The rates have not been set; they will mature in February 2022 and February 2027.
United Community in April said it would buy the $1.2 billion-asset Palmetto Bancshares in Greenville, S.C., for $240.5 million in cash and stock. The Palmetto deal is expected to close on Sept. 1.
The notes offering will be used to finance the cash portion of the Palmetto transaction. United Community will also use the proceeds for general corporate purposes, which could include the repayment or redemption of trust-preferred securities.
U.S. Bancorp Investments is sole book-running manager on the senior notes offering. FIG Partners and SunTrust Robinson Humphrey are co-managers. Troutman Sanders is legal counsel on the offering.