The Federal Reserve Board has approved the application by United Community Banks, Inc., (United), Greenville, South Carolina, to merge with Progress Financial Corporation, and thereby indirectly acquire Progress Bank and Trust, both of Huntsville, Alabama.
Following the proposed acquisition, Progress Bank will be merged with and into United’s subsidiary, United Community Bank (United Bank).
United, with consolidated assets of approximately $23.7 billion, is the 87th largest insured depository organization in the United States. United controls approximately $20.9 billion in consolidated deposits, which represent less than 1% of the total amount of deposits of insured depository institutions in the United States.
United controls United Bank, which operates in Florida, Georgia, North Carolina, South Carolina, and Tennessee. United Bank is the 49th largest insured depository institution in Florida, controlling deposits of approximately $1.4 billion, which represent approximately 0.2% of the total deposits of insured depository institutions in Florida.
Progress Financial, with total assets of approximately $1.7 billion, is the 565th largest insured depository organization in the United States. Progress Financial controls approximately $1.6 billion in consolidated deposits, which represent less than 1% of the total amount of deposits of insured depository institutions in the United States. Progress Financial controls Progress Bank, which operates in Alabama and Florida. Progress Bank is the 114th largest insured depository institution in Florida, controlling deposits of approximately $241.1 million, which represent less than 0.1% of the total deposits of insured depository institutions in Florida.
On consummation of this proposal, United will become the 84th largest insured depository organization in the United States, with consolidated assets of approximately $25.5 billion, which will represent less than 1% of the total assets of insured depository organizations in the United States, the Federal Reserve Board stated in a release.
