Greenville, S.C.-based United Community Banks is expanding in Georgia by acquiring Peach State Bancshares, Gainesville, for $100 million..The stock-and-cash deal was announced April 21, and is expected to close later this year. Peach State Bancshares is the holding company for Peach State Bank & Trust, which has $788 million in assets, nearly $500 million in total loans and $713 million in total deposits. A $28.2 billion bank, United Community Banks has 200 offices in a half-dozen states — Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. Gainesville is 50 miles northeast of Atlanta. “Because we already operate in the Gainesville area, this partnership creates a unique opportunity to learn from one another, combine local knowledge and deepen our impact,” said United Chair and CEO Lynn Harton.“As we considered potential partners to help move us into the next phase of our growth, it became clear United Community was by far the best strategic fit,” added Peach State Bank President and CEO Ron Quinn. “Their focus on the needs of the customer, combined with their larger balance sheet and expanded product and service offerings, will ensure our customers continue to receive best-in-class service.” Inverness, Ill.-based Hovde Group was financial advisor to United, with Wachtell, Lipton, Rosen & Katz, New York City, as legal advisor. Minneapolis-based Piper Sandler & Co. was financial advisor to Peach State, while Alston & Bird LLP, Atlanta, was legal advisor.
