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May 4, 2022
Team Represents United Community Banks in Merger Agreement with Progress Financial
A deal team of Lee Kiser, Ben Barnhill, Ken Janik, Drew Hermiller, Ricky Davis, Wes Althoff, Steve Sutherland, and Jimmy Palanica is representing United Community Banks, Inc. in its announced acquisition of Progress Financial Corporation of Huntsville, Alabama. The deal represents United’s entry into Alabama. Progress has 14 branches in high-growth Alabama and Florida Panhandle markets, including Huntsville and Birmingham. The all-stock transaction is valued at approximately $272 million and is scheduled to close in the fourth quarter of 2022, subject to regulatory approvals and the approval of Progress’s stockholders. Piper Sandler served as financial advisor to United, and Stephens served as financial advisor to Progress. Maynard, Cooper & Gale acted as legal counsel to Progress.
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Caroline Balchunas
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