GREENVILLE, S.C. – Effective today, United Community Banks, Inc. has completed its merger with Three Shores Bancorporation, Inc. Also, effective today, Three Shores’ bank subsidiary, Seaside National Bank & Trust, merged into United’s bank subsidiary, United Community Bank. However, United Community Bank intends to continue to operate the Seaside locations using the Seaside Bank and Trust brand following conversion to United’s operating systems, which is expected in February 2021.
The United-Seaside merger is expected to be complementary to both franchises, given the lack of geographic overlap and their differing suites of products and services. United brings to Seaside a broader set of mortgage products and a depth of specialized business lending expertise, including expanded SBA lending and asset-based lending. Seaside brings a robust wealth management platform which will be a natural addition to the services United’s private banking clients enjoy today.
United’s low-cost funding and strong capital base is expected to enable Seaside to grow its existing business and relationships in Florida. In Georgia, North Carolina, South Carolina and Tennessee, United plans to supplement its traditional retail branch and commercial model with Seaside’s “branch lite” C&I focus. The expected financial returns of the transaction are not reliant on high cost savings or on revenue synergies.
Gideon Haymaker, Seaside’s Founder, President and CEO will become United’s President for the State of Florida and will lead the expansion of Seaside’s wealth management offering in the United footprint.
“We have been looking for an opportunity to enter Florida in the right markets, with the right business model, and most importantly, with the right people. We believe that we have accomplished all of these things with this merger. Since the transaction announcement in March, our relationship with Gideon and his team has become even stronger, and we continue to believe that now more than ever, our combined banks are better together,” said Lynn Harton, Chairman and CEO of United. “We are very excited to have Seaside’s talented team join the United team and help us lead our expansion into Florida.”
Gideon Haymaker stated, “We had discussions with a number of potential partners, but none that we believed was a good fit until we met with the United team. We believe that the United transaction provides an excellent combination of liquidity and a favorable outcome for our investors. It also provides our bank with a larger balance sheet and additional resources that will support the goals of our talented management team. It is also important to note that Seaside and United share the same values and believe in the importance of a service-oriented culture. We look forward to building a premier Florida franchise together and providing our clients with an expanded product suite, delivered with the same high level of client service.”
Three Shores operates 14 banking offices, all located in high-growth markets across Florida. At March 31, 2020, Three Shores had $1.8 billion in assets, $1.5 billion in deposits and $1.4 billion in loans. It also had approximately $857 million in assets under advisement.
About United Community Banks, Inc.
United is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the largest full-service financial institutions in the Southeast, with $13.1 billion in assets, and 149 offices in Georgia, North Carolina, South Carolina and Tennessee. It operates principally through United Community Bank, its bank subsidiary, which specializes in personalized community banking services for individuals, small businesses and companies. Services include a full range of consumer and commercial banking products, including mortgage, advisory, and treasury management.
About Three Shores Bancorporation, Inc.
Three Shores Bancorporation, Inc. is a bank holding company that operates Seaside National Bank & Trust and its subsidiaries, which include Seaside Insurance and Seaside Capital Management, a registered investment adviser. Seaside National Bank & Trust is a nationally-chartered commercial bank headquartered in Orlando, Florida that operates in 14 cities located throughout North Florida, Central Florida, West Florida, South Florida, and the Greater Miami Area. Through its affiliated companies, Three Shores Bancorporation, Inc. offers its clients a complete array of financial services including: private banking, commercial banking, wealth management, trust services, and insurance.
As of March 31, 2020, Three Shores had total consolidated assets of $1.8 billion, total deposits of $1.5 billion, total loans of $1.4 billion and total stockholders’ equity of $176 million. Off balance sheet in its wealth management business, Company subsidiaries had $857.2 million of assets under advisement, of which $553.5 million is fully managed for the benefit of its clients.
