United Community Banks completes acquisition of First Miami Bancorp
United Community Banks, Inc. (NASDAQ: UCBI), based in Blairsville, Georgia, has finalized its $115.9 million acquisition of the bank holding company, First Miami Bancorp, creating a new industry milestone in all-stock deals.
As part of the merger agreement, shareholders of First Miami Bancorp will receive 40.2685 shares of United Community Banks’ common stock for each of their outstanding shares. The merger, first announced in February 2023, places the value of each share of First Miami Bancorp at $1,330.
In a significant reshaping of the banking landscape, First Miami Bancorp has been seamlessly integrated into the NASDAQ-listed United Community Banks. Concurrently, the First National Bank of South Miami (FNBSM), First Miami Bancorp’s bank subsidiary, has been merged into United Community Bank, a key subsidiary of United Community Banks.
Lynn Harton — United Community Banks Chairman and CEO said: “This partnership with FNBSM meaningfully expands our presence in the vibrant Miami market, which continues to be one of the most attractive metropolitan markets in the country.
“We look forward to working with our new team to continue growing in Miami, providing enhanced products and services with the attention and local service that customers deserve.”
With its headquarters in South Miami, First Miami Bancorp operates three thriving offices in the bustling Miami metropolitan area. As of March 31, 2023, First National Bank of South Miami had total assets amounting to $945 million, loans worth $605 million, and deposits totaling $823 million.
The bank has carved out a reputation for excellence, underpinned by its robust portfolio of traditional banking services as well as private banking, trust, and wealth management services with an impressive $320 million in assets under management.
W. Rockwell “Rocky” Wirtz — First Miami Bancorp Chairman and President said: “We built FNBSM focused on growth, getting there with a fierce commitment to the delivery of preeminent customer service. These are the same virtues that United Community is known for. We are delighted and excited to join forces with an organization and a group of professionals that share the same values and integrity.”