United Community Banks sets July 20 election deadline in Peach State merger

United Community Banks, Inc. (NYSE: UCB) and Peach State Bancshares, Inc. announced that Peach State shareholders must submit their merger consideration elections by 5:00 p.m. Eastern Time on July 20, 2026, according to a press release issued July 10, 2026.

Under the terms of the merger agreement, dated April 20, 2026, each Peach State shareholder may elect to receive either $31.75 in cash or 0.8978 shares of United common stock for each share of Peach State common stock held prior to the merger's effective time. The overall consideration is structured so that Peach State shareholders collectively receive 50% cash and 50% United stock, subject to proration. Fractional shares will be settled in cash.

Shareholders wishing to make an election must deliver a completed election form, letter of transmittal, and applicable stock certificates to Continental Stock Transfer & Trust Company by the deadline. Shareholders missing stock certificates may submit a notice of guaranteed delivery by July 20, 2026, with certificates to follow by 5:00 p.m. Eastern Time on July 27, 2026. Shareholders who do not submit election materials by the deadline will be treated as non-electing and will receive consideration according to the proration procedures in the merger agreement.

The companies also announced that United has received all required regulatory approvals for the acquisition. The transaction is expected to close on August 3, 2026, subject to remaining closing conditions, including approval by Peach State shareholders.

Election materials were previously mailed to Peach State shareholders of record as of June 1, 2026. As of March 31, 2026, United Community Banks had $28.2 billion in assets, while Peach State Bank & Trust reported $788 million in assets.

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