United Community Banks to acquire Peach State Bancshares for $100.8 million

United Community Banks, Inc. (NYSE: UCB) announced a definitive merger agreement to acquire Peach State Bancshares, Inc. and its subsidiary Peach State Bank & Trust in a stock and cash transaction valued at $100.8 million, according to a press release statement.

Under the agreement terms, Peach State shareholders can elect to receive either $31.75 in cash or 0.8978 shares of United common stock per share, with proration ensuring 50% stock and 50% cash consideration. The valuation was based on United's stock price of $34.15 as of April 17, 2026.

Peach State Bank operates two branches in Hall County, Georgia, in Gainesville and Braselton. As of March 31, 2026, the bank reported $788 million in total assets, $498 million in loans, and $713 million in deposits. The bank was founded in 2005 and is led by President and CEO Ron Quinn.

United expects the merger to increase earnings per share by approximately $0.09 in 2027, the first full year of combined operations. If United repurchases shares to offset dilution from the transaction, the accretion could reach $0.12 per share.

The merger received unanimous approval from both companies' boards of directors. Completion is expected in the third quarter of 2026, subject to regulatory approval and Peach State shareholder approval.

United Community Banks operates 200 offices across six southeastern states with $28.2 billion in assets as of March 31, 2026. Hovde Group served as United's financial advisor, while Piper Sandler advised Peach State.

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