United Community Banks, Inc. Announces Completion of Merger With Aquesta Financial Holdings, Inc. and Aquesta Bank
Posted: 10/01/2021 |
GREENVILLE, S.C., Oct. 01, 2021 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (United) has completed its merger, effective October 1, 2021, with Aquesta Financial Holdings, Inc. (OTC Pink: AQFH) (Aquesta), including its wholly-owned subsidiary, Aquesta Bank, which was merged into United’s bank subsidiary, United Community Bank. Aquesta will now operate under the United brand.
Aquesta brings a premier franchise focused on providing personal service to business owners and individuals who care about their community. Their nine branches, located in Charlotte’s most attractive markets and also in the coastal city of Wilmington, North Carolina, will add to United’s high growth footprint. As of June 30, 2021, Aquesta reported total assets of $739 million and $641 million in deposits. Ninety-three percent of Aquesta’ s deposits were non-CD, core deposits.
“We are excited to welcome a group of like-minded bankers to the United team. Aquesta is known for community engagement, employee satisfaction, and customer service – all attributes that United is passionate about,” said Lynn Harton, Chairman and Chief Executive Officer of United. “Jim Engel, Founder and CEO of Aquesta, built the company with a strategy of providing relationship banking in great markets and we look forward to continuing to grow and expand on this foundation together.”
Jim Engel, President and Chief Executive Officer of Aquesta, stated, “We are excited that by joining United, we are able to continue our customer and community service mission as well as our dedication to relationship banking. As we have been working closely with one another to unify our two teams, my belief that we share a common culture, values, and approach to serving our customers and communities is stronger than ever. Now that we are able to better serve our customers with a larger balance sheet and expanded products and services we have a tremendous opportunity to grow our presence and reach in Charlotte and other key markets in the Carolinas. The synergies that exist between our companies will result in an even more capable and profitable company together.”
Hovde Group, LLC acted as financial advisor to United, and Nelson Mullins Riley & Scarborough LLP served as United’s legal advisor. Piper Sandler & Co. served as Aquesta’s financial advisor, and Wyrick Robbins Yates & Ponton LLP served as Aquesta’s legal advisor.