United Community Banks, Inc. (NASDAQ: UCBI) (“United”) announced recently that it has reached an agreement with Columbia, S.C.-based commercial lender Business Carolina, Inc. (“BCI”) to acquire approximately $25 million of loans, $6 million of other assets and employ substantially all BCI employees.
The asset purchase transaction, expected to close within 60 days and is subject to Small Business Administration (“SBA”) and U.S. Department of Agriculture (“USDA”) regulatory and state approvals. It will allow the bank to significantly expand its tradition of funding small businesses throughout its existing footprint.
“We have been looking for a partner to help fuel our efforts to become one of the leading small business lenders in the southeast, and this transaction with BCI is a perfect fit,” said Lynn Harton, United’s President and Chief Operating Officer. “BCI was founded by the State of South Carolina as a vehicle for economic development and has a strong history of growth. We intend to carry on that tradition.”
After the transaction, the staff will operate as a division of United Community Bank and under its trade name of BCI Lending in Columbia and throughout United’s footprint.
About United Community Banks, Inc.
United Community Banks, Inc. is a bank holding company based in Blairsville, Georgia, with $7.4 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast region’s largest full-service banks, operating 102 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Additional information about the bank can be found at www.ucbi.com.