Brief: United Community Banks And Progress Financial Corp Announce Merger

United Community Banks

04/05/2022 14:40

May 4 (Reuters) - United Community Banks Inc  UCBI.O :
    * UNITED COMMUNITY BANKS, INC. AND PROGRESS FINANCIAL
CORPORATION
ANNOUNCE MERGER AGREEMENT
    * UNITED COMMUNITY BANKS INC - UNITED WILL ACQUIRE PROGRESS,
AND
ITS WHOLLY-OWNED SUBSIDIARY, PROGRESS BANK & TRUST IN AN
ALL-STOCK TRANSACTION
    * UNITED COMMUNITY BANKS INC - DEAL FOR APPROXIMATELY $271.5
MILLION, OR $23.52 PER SHARE OF PROGRESS COMMON STOCK
    * UNITED COMMUNITY BANKS INC - PROGRESS SHAREHOLDERS WILL
RECEIVE
0.77 SHARES OF UNITED COMMON STOCK FOR EACH SHARE OF PROGRESS
COMMON STOCK
    * UNITED COMMUNITY BANKS - DEAL EXPECTED TO BE ACCRETIVE TO
CO'S
EPS, EXCLUDING TRANSACTION COSTS, BY ABOUT $0.07 PER SHARE, OR
2.0% IN 2023

Source text for Eikon:  ID:nGNX8R1Cxw 
Further company coverage:  UCBI.O 

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