United Community Banks and Palmetto Bancshares Announce Merger Agreement
Troutman Sanders was mentioned in numerous publications – 4-traders, American Banker, American Daily Stock Report, Business Magazine Greenville, CNN Money, Columbia Regional Business Report, Law360 and others – for assisting its client, United Community Banks, Inc., with its recent signing of a definitive agreement with Palmetto Bancshares, Inc., pursuant to which Palmetto will merge into United.
The combined company will create immediate value for shareholders of both companies, and fits well with United's expansion strategy in southeastern metro markets, enhancing its position in Greenville and the Upstate South Carolina area. The merger – subject to regulatory approval, the approval of the shareholders of Palmetto, and other customary conditions – will close in the fourth quarter of 2015 at a deal value of approximately $240.5 million.
Atlanta partner James Stevens is leading a team of Troutman Sanders lawyers on the deal.