United Community Banks to expand South Florida footprint with American National Bank acquisition

United Community Banks, Inc. is making a decisive move to expand its footprint in the South Florida market by acquiring ANB Holdings, Inc., the parent company of American National Bank, in a $80 million all-stock transaction. This strategic banking acquisition highlights United’s ambitions in the Miami metropolitan area, one of the fastest-growing economic regions in the U.S.

Expanding reach in the South Florida market

The merger with American National Bank is a significant step for United Community Banks as it seeks to bolster its presence in the lucrative Miami metropolitan area. Based in Oakland Park, Florida, American National Bank has been a cornerstone of the Broward County financial market since its founding in 1985. With $439 million in total assets and over $300 million in non-CD core deposits, the bank is well-positioned to bring added strength to United Community Banks’ already substantial portfolio.

Lynn Harton, Chairman and CEO of United Community Banks, stated that the merger agreement aligns seamlessly with the company’s broader strategy. He emphasized that adding American National Bank to their financial holding company’s operations reinforces their position as a leading player in the South Florida market. Harton pointed to United’s previous acquisition of First National Bank of South Miami as a foundational step for banking market growth in this region.

Shared values in customer-centric banking

Ginger Martin, the CEO of American National Bank, expressed confidence in the merger agreement terms, emphasizing that the partnership enhances customer-centric banking solutions. She stated that United Community Banks shares American National Bank’s commitment to high-quality customer service, and the merger provides both institutions with an opportunity for sustained growth.

American National Bank has a longstanding reputation in the South Florida market for delivering personalized services and fostering meaningful client relationships. With its experienced management team and a consistent 5-star Superior Rating from Bauer, the bank has been a leader in providing customer-centric banking for almost four decades.

Details of the merger agreement terms

Under the merger agreement terms, ANB shareholders will receive 1.650 shares of United Community Banks’ common stock for each ANB share. The merger is projected to add $0.04 per share to United Community Banks’ earnings by 2026, demonstrating the financial viability of this strategic banking acquisition. This deal adheres to United’s rigorous acquisition criteria and underscores the institution’s commitment to profitable growth.

The merger agreement has been unanimously approved by the boards of both financial holding companies. Completion is expected by the second quarter of 2025, pending regulatory approvals and consent from ANB shareholders.

Positioning for banking market growth

With this acquisition, United Community Banks is strengthening its competitive edge in the South Florida market, a region characterized by rapid economic expansion and increasing financial activity. The Miami metropolitan area, in particular, is a crucial part of this growth strategy, as it continues to attract businesses and consumers with diverse banking needs.

United Community Banks, which manages $27.4 billion in assets across multiple Southeastern states, has repeatedly been recognized for its customer satisfaction and innovative financial services. The integration of American National Bank is expected to complement its existing operations and foster significant banking market growth.

Looking to the future

This merger agreement represents a pivotal chapter for both United Community Banks and American National Bank. By combining forces, the two institutions are poised to deliver enhanced financial solutions, deepen their presence in the Miami metropolitan area, and lead the way in customer-centric banking in the South Florida market.