United Community Banks, Inc. (NasdaqGS:UCBI) entered into an Agreement and Plan of Merger to acquire Progress Financial Corporation for approximately $260 million on May 3, 2022. It is an all-stock transaction with an aggregate value of approximately $271.5 million. Under the terms of the merger agreement, Progress shareholders will receive 0.77 shares of United common stock for each share of Progress common stock outstanding. A termination fee equal to $10 million will be payable by Progress to United upon termination of the Merger Agreement under certain circumstances. As of March 31, 2022, Progress had total assets of $1.9 billion, total loans of $1.3 billion, and total deposits of $1.7 billion. The merger agreement was unanimously approved by the boards of directors of Progress and United. The completion of the Merger is subject to customary conditions, including (a) receipt of the Progress Stockholder Approval, (b) authorization for listing on the Nasdaq Stock Market of the shares of United Common Stock to be issued in the Merger, (c) the receipt of required regulatory approvals, including the approval or non-objection of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the South Carolina Board of Financial Institutions, and the Alabama State Banking Department and (d) effectiveness of the registration statement on Form S-4 for United Common Stock to be issued in the Merger. The transaction is expected to close in the fourth quarter of 2022. The Merger is expected to be accretive to United's earnings per share, excluding transaction costs, by approximately $0.07 per share, or 2.0% in 2023. On December 20,2022 Federal Reserve Board announced its approval of the application by United Community Banks, Inc.
Piper Sandler & Co. acted as financial advisor to United, and Neil Grayson and Lee Kiser of Nelson Mullins Riley & Scarborough LLP served as United's legal advisor. Stephens Inc. served as financial advisor and fairness opinion provider to Progress, and Jennifer McCain of Maynard Cooper Gale served as Progress' legal advisor.

United Community Banks, Inc. (NasdaqGS:UCBI) completed the acquisition of Progress Financial Corporation on January 03, 2023.