United Community Banks in the US has agreed to acquire Aquesta Financial Holdings and its subsidiary Aquesta Bank.

The cash and stock deal values around $131m.

Transaction Details:

United will pay up to 30% of the total consideration in cash. Aquesta shareholders can choose to receive their consideration in cash or stock, subject to this limitation.

As agreed, United will issue 0.6386 shares of United common stock for each Aquesta share.

United expects the acquisition to be accretive to its earnings per share by around $0.06 to $0.09 in 2022, based on certain factors.

The acquisition is expected to close in the fourth quarter of 2021, subject to customary conditions including regulatory and Aquesta’s stockholders approvals.

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About Aquesta Financial Holdings:

Aquesta Financial Holdings is headquartered in Cornelius, North Carolina. The company’s banking subsidiary offers retail and business banking services through nine branches and loan production offices.

The lender had total assets of $752m, as of 31 March 2021.

The acquisition will bolster United’s presence in Charlotte and Wilmington regions in North Carolina.


United chairman and CEO Lynn Harton said: “This transaction is consistent with our desire to expand into attractive and fast-growing markets that we know well.

“We have been investing in Charlotte over the past several years and have commercial banking and mortgage teams already in place. Aquesta is an exciting opportunity for us to increase our presence and accelerate our growth with a high-quality company that shares our values of customer service, employee engagement and community development.”

About United Community Banks:

United offers banking, wealth management and mortgage services to consumers and business owners. The company has $18.6bn in assets and 161 offices.