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HCSB Financial Corporation Announces Merger with United Community Banks, Inc.
Hovde's client, Loris, SC-based HCSB Financial Corporation (OTCQB: HCFB) has announced its merger with and into Blairsville, GA-based United Community Banks, Inc. (NASDAQ: UCBI) in a deal valued at $66.2 million.
Highlights of the deal include:
- 100% stock transaction with a fixed exchange ratio of 0.0050 shares of United common stock for each share of HCSB
- UCBI will add eight branches and approximately $376 million in assets, expanding its presence in the Myrtle Beach MSA
- The pro forma company will be the 5th largest bank, by deposit market share, operating in the Myrtle Beach MSA
- The transaction has been unanimously approved by the Board of Directors of each company and is expected to close in the third quarter of 2017
- This transaction marks Hovde's 31st announced M&A transaction since 2016
Hovde Group, LLC served as financial advisor to HCSB Financial Corporation
Please click on the link above to download the full Transaction Alert for more information.