United Community Banks, Inc. has merged with Three Shores Bancorporation, Inc. as of Wednesday, July 1.
In addition, Three Shores’ bank subsidiary, Seaside National Bank & Trust merged with United Community Bank (UCB).
“We’ve been looking to get into the Florida market for a long time,” UCB President Johnny Chastain said. “This opportunity came along that meets, you know, what we’re looking for. The right business and the right folks to work with.”
Essentially, the change grants UCB a presence in Florida, and current clientele should not worry about the merge affecting how business has been done in the past, Chastain said.
“[It’s a] good opportunity for us to get us into Florida and a good group of folks and a good, solid bank down there,” he said.
The accounting and conversion of Three Shores’ accounts to UCB’s system will not happen until around February 2021, according to Chastain.
“United Community Bank intends to continue to operate the Seaside locations using the Seaside Bank & Trust brand following conversion to United’s operating systems, which is expected in February 2021,” a press release from UCB read.
The incorporations expect the two banks to compliment both franchises.
“United brings to Seaside a broader set of mortgage products and a depth of specialized business lending expertise, including expanded SBA lending and asset-based lending. Seaside brings a robust wealth management platform, which will be a natural addition to the services United’s private banking clients enjoy today,” the release said.
Three Shores operates 14 banking offices throughout Florida.