United Community Banks to Acquire Tidelands Bancshares
Troutman Sanders was mentioned in an April 5 Banking Business Review article and an April 9 Marietta Daily Journal article about United Community Banks and South Carolina-based Tidelands Bancshares having signed a definitive agreement for United to acquire Tidelands and its wholly-owned bank subsidiary, Tidelands Bank.
The acquisition, which has been approved by the board of directors of each company, will enhance United’s position in key growth markets in coastal South Carolina; provide an important bank platform to support a recent lift-out of a team of experienced, in-market lenders; and facilitate United’s ability to offer expanded banking products and services to Tidelands’ customer base, the articles stated. Under the terms of the merger agreement, Tidelands’ common shareholders will receive cash equal to $0.52 per share or an aggregate of approximately $2.2 million.
Atlanta partner James Stevens and Atlanta associates Jenny Zupec and Hunter Knowles served as a legal advisors to United.