United Kingdom

United Community Banks Inc announces acquisition of Tidelands Bancshares, Inc

Monday, 4 Apr 2016 

United Community Banks Inc:Says definitive agreement for United to acquire Tidelands and its wholly-owned bank subsidiary, Tidelands Bank.Transaction has been unanimously approved by the Boards of Directors of each company and is expected to close in the third quarter of 2016.Under terms of merger agreement, Tidelands' common shareholders will receive cash equal to $0.52 per share or an aggregate of about $2.2 million.Transaction is expected to be $0.09 - $0.10 accretive to United's fully diluted earnings per share in 2017 with all operating expense savings realized.Under terms of the transaction, Tidelands Bank will merge into United's bank subsidiary United Community Bank and operate under its brand.