In May 2022, United Community Bank, Inc. (United) announced the acquisition of Progress Financial Corporation (Progress) in an all-stock transaction with an aggregate value of approximately $271.5 million.

As of last week, United announced that the merger was completed.

In this transaction, Progress’s bank subsidiary, Progress Bank and Trust, was merged into United’s bank subsidiary, United Community Bank. Progress will now operate under the United brand.

Lynn Harton, Chairman and CEO of United, expressed his excitement over the completed merger in a recent press statement.

“We are very pleased and grateful to be able to welcome this group of talented bankers to the United team. Progress has a culture much like ours with a commitment to community engagement, customer service, and the employee experience.”

David Nast, Founding Director, CEO, and President of Progress, echoed these sentiments.

“We are excited to be joining United, where we can continue with our founding principles and dedication to community service and relationship banking. We have growth opportunities, including many from new offices and markets added over the past two years, that we know will accelerate with United.

“Our partnership provides us the immediate benefit of being able to better serve our customers with a larger balance sheet and expanded products and services. I am proud to be a part of the United team and look forward to leading the Alabama and Florida Panhandle markets,” Nast concluded.

Progress is headquartered in Huntsville, Alabama and operates a 14-branch network in Alabama markets including Birmingham, Daphne, Decatur, Florence and Tuscaloosa; and on the Florida Panhandle from Destin to Panama City.

Progress has organically built a valuable franchise with a focus on providing excellent service and growing deep customer relationships in its fast-growing southeastern markets.

As of September 30, 2022, Progress reported total assets of $1.7 billion, total loans of $1.4 billion, and total deposits of $1.5 billion.

Piper Sandler & Co. acted as financial advisor to United, and Nelson Mullins Riley & Scarborough LLP served as United’s legal advisor. Stephens Inc. served as financial advisor to Progress, and Maynard Cooper & Gale, PC served as Progress’ legal advisor.