United Community Banks (UCBI) in Blairsville, Ga., has acquired Business Carolina, a commercial lender in Columbia, S.C.
The $7.4 billion-asset United Community said in a press release Friday that the acquisition includes about $25 million in loans, $6 million of other assets and substantially all of Business Carolina's employees. Financial terms of the deal were not disclosed.
Business Carolina offers commercial loans of $50,000 to $5 million to small businesses in Georgia, North Carolina, South Carolina and Tennessee. The company specializes in Small Business Administration and Department of Agriculture loans.
Business Carolina "has a long history of providing outstanding service to its customers," Lynn Harton, United Community's president and chief operating officer, said in the release. "The addition of BCI's experienced team and its strong lending platform is a natural expansion of our SBA lending business that ultimately benefits our customers."
Business Carolina will operate as a division of United Community Bank under its trade name of BCI Lending.