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BRIEF-United Community Banks and Four Oaks Fincorp report merger agreement
June 27, 2017 / 10:07 AM / 5 months ago

BRIEF-United Community Banks and Four Oaks Fincorp report merger agreement

June 27 (Reuters) - United Community Banks Inc:

* United Community Banks, Inc. and Four Oaks Fincorp, Inc. announce merger agreement

* United Community Banks, Inc. and Four Oaks Fincorp, Inc. announce merger agreement

* Transaction is currently valued at approximately $124 million

* United Community Banks Inc - Four Oaks shareholders will receive merger consideration consisting of approximately 90 percent stock

* United Community Banks Inc says transaction has been unanimously approved by board of directors of each company and is expected to close in q4 of 2017

* United Community Banks Inc - ‍four Oaks Bank will merge into United’s Bank subsidiary and will operate under United Community Bank brand​

* Says transaction has been unanimously approved by board of directors of each company

* United Community Banks - transaction expected to be less than 1 percent dilutive to united’s tangible book value per share, including one-time transaction costs

* United Community Banks - transaction is expected to be 2 percent -or $.04 per share accretive to united’s fully diluted earnings per share for 2018

* United Community - four oaks shareholders to also receive 10 percent cash or $1.90 for each share of four oaks

* United Community Banks - consideration consisting of about 90 percent stock, with a fixed exchange ratio of .6178 shares of united common stock Source text for Eikon: Further company coverage:

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