GREENVILLE, S.C., Jan. 03, 2022 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NASDAQ: UCBI) (United) has completed its merger, effective January 1, 2022, with Reliant Bancorp, Inc. (NASDAQCM: RBNC), including its wholly-owned subsidiary, Reliant Bank, which was merged with and into United’s bank subsidiary, United Community Bank, and will now operate under the United brand.
Reliant has a highly-valued franchise built upon providing outstanding service and developing deep and long-lasting relationships with its customers in the middle Tennessee market. Reliant operates with a 24-branch network primarily in the Nashville area, as well as Clarksville and Chattanooga. Additionally, Reliant operates a manufactured housing finance group based in Knoxville. As of September 30, 2021, Reliant reported total assets of $3.0 billion, total loans of $2.5 billion, and total deposits of $2.5 billion.
“We are excited and honored to welcome this group of outstanding bankers to the United team. Reliant shares our passion for providing a high level of community partnerships and involvement, employee satisfaction, and customer service,” said Lynn Harton, Chairman and Chief Executive Officer of United. “Chairman and Chief Executive Officer DeVan Ard founded Reliant in 2006 and has led the company’s success by focusing on relationship banking in one of the Southeast’s best markets, and we look forward to continuing to execute and expand on this strategy together.”
Mr. Ard stated, “We are excited that by joining United, we are able to continue with the community service and relationship banking principles that built this company. We have tremendous momentum and know that this will continue, and that future growth opportunities will accelerate with United. It is clear to me that we share a common culture, values, and approach to serving our customers and communities. Together we will now be able to better serve our customers with a larger balance sheet and expanded products and services, which provides a tremendous opportunity to grow in Nashville and other key markets in Tennessee. I am very proud to be a part of the United team and to lead that effort as the State President in Tennessee for United.”
D.A. Davidson & Co., Morgan Stanley & Co. LLC and Piper Sandler & Co. acted as financial advisors to United, and Nelson Mullins Riley & Scarborough LLP served as United’s legal advisor. Raymond James & Associates, Inc. and Credit Suisse Securities (USA) LLC served as financial advisors to Reliant, and K&L Gates LLP served as Reliant’s legal advisor.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. Following the January 1, 2022 acquisition of Reliant and the October 1, 2021 acquisition of Aquesta Financial Holdings, Inc., United has approximately $23.5 billion in assets and 196 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking seven out of the last eight years United earned the coveted award. United was also named one of the “Best Banks to Work For” by American Banker in 2021 for the fifth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall Satisfaction. Additional information about United can be found at www.ucbi.com.
