United Community Banks has agreed to acquire Reliant Bancorp and its subsidiary Reliant Bank in an all-stock transaction valued at around $517m.
As agreed, Reliant shareholders will receive 0.9842 shares of United common stock for each share they hold.
Founded in 2006, Reliant Bank offers deposit, lending and mortgage products and related services to individuals and businesses. The lender has 25 branches in Tennessee.
Reliant Bancorp had $3.1bn in total assets, as at 31 March 2021.
The combination is expected to create the tenth largest lender in Tennessee for deposit market share.
United chairman and CEO Lynn Harton said: “Partnering with Reliant is consistent with our strategy to expand into high-growth southeastern markets with companies that share our focus on employee experience, customer service, and community engagement.”
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Reliant chairman and CEO DeVan Ard, Jr. said: “By joining forces with United, we recognize an opportunity to align ourselves with a partner that shares our passion for providing high-quality customer service, and to leverage their larger balance sheet and a broader set of products and services for our customers.
“Becoming part of United’s team-oriented, high-performance culture presents a unique opportunity for Reliant, and we consider it a privilege.”
The transaction is expected to close in the first quarter of next year, subject to regulatory nod and Reliant shareholders’ approval.
United Community Banks focuses on providing banking, wealth management and mortgage services. The company also has a national SBA lending franchise and a national equipment lending subsidiary.
It has $18.6bn in assets and operates 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee.