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United Community Banks Completes Merger with First Miami Bancorp

United Community Banks has completed its merger with First Miami Bancorp

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  • Written by  Banking Exchange staff
United Community Banks Completes Merger with First Miami Bancorp

The deal, effective July 1, 2023, saw First Miami’s bank subsidiary, the First National Bank of South Miami (FNBSM), also merge with United’s bank subsidiary, United Community Bank.

FNBSM will eventually operate under the United Community brand.

Lynn Harton, chairman and CEO of United, said the merger would: “meaningfully [expand] our presence in the vibrant Miami market, which continues to be one of the most attractive metropolitan markets in the country.”

United announced that it had received regulatory approval from the Federal Deposit Insurance Corporation, the Federal Reserve bank of Richmond and the South Carolina Board of Financial Institutions for an all-stock deal worth $116 million, on May 30, 2023.

At the end of March 2023, FNBSM had total assets of $945 million, total loans of $605 million, and total deposits of $823 million. FNBSM also offers private banking, trust and wealth management services, and had around $320 million in assets under management at that time.

Elsewhere, First Bank and Malvern Bancorp have announced receipt of regulatory approvals for their merger.

The deal was first announced in December 2022, and is now anticipated to close by mid-July 2023.

Separately, Republic Bank has completed its merger with Commercial Industrial Finance, which was first announced in March. The division will be rebranded as Republic Bank Finance.

Scott Hawkins will serve as President of Republic Bank Finance, continuing his leadership of the St. Louis-based division. The company said in a release that it aims to build on Commercial Industrial Finance’s “history as a direct provider of equipment finance and leasing solutions to companies of all sizes and in various industries nationwide”.

Meanwhile, Byline Bancorp Inc. has completed its merger with Inland Bancorp Inc and its wholly owned bank subsidiary, Inland Bank and Trust.

The transaction brings Byline’s total assets to approximately $8.7 billion, based on information as of March 31, 2023. The value of the total merger consideration at closing was approximately $129 million.

Additionally, Pamela C. Stewart, director of asset management for Inland National Development Company LLC, was appointed to the Board of Directors of Byline Bancorp and Byline Bank, effective July 1, 2023.

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