HUNTSVILLE — United Community Banks has merged with Progress Bank and Trust, the two banks announced Tuesday.
“We are very pleased and grateful to be able to welcome this group of talented bankers to the United team,” said Lynn Harton, chairman and CEO of United. “Progress has a culture much like ours with a commitment to community engagement, customer service, and the employee experience.
“We look forward to continuing to grow together.”
Progress is headquartered in Huntsville and operates a 14-branch network in Alabama including Birmingham, Daphne, Decatur, Florence and Tuscaloosa. The bank also has branches on the Florida Panhandle.
“We are excited to be joining United, where we can continue with our founding principles and dedication to community service and relationship banking,” said Chairman and CEO David Nast. “We have growth opportunities, including many from new offices and markets added over the past two years, that we know will accelerate with United.
Progress has built a franchise with a focus on excellent service and deep customer relationships in its fast-growing southeastern markets.
As of September 30, 2022, Progress reported total assets of $1.7 billion, total loans of $1.4 billion, and total deposits of $1.5 billion.
“Our partnership provides us the immediate benefit of being able to better serve our customers with a larger balance sheet and expanded products and services,” Nast said. “I am proud to be a part of the United team and look forward to leading the Alabama and Florida Panhandle markets.”
Piper Sandler & Co. acted as financial advisor to United and Nelson Mullins Riley & Scarborough served as legal advisor.
Stephens Inc. served as financial advisor to Progress and Maynard Cooper & Gale was the legal advisor.
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