United Community Banks, Inc. (NYSE: UCB) shares gained ground Tuesday, as the company and ANB Holdings, Inc. announced today the execution of a definitive merger agreement pursuant to which United will acquire ANB, and its wholly-owned subsidiary, American National Bank in an all-stock transaction with an aggregate value of approximately $80 million.
ANB Bank is headquartered in Oakland Park, Florida, a northern and fast-growing part of the Miami metropolitan area. Founded in 1985, ANB Bank primarily services Miami Dade, Broward, and Palm Beach Counties. It is a premier franchise with an experienced management team led by President and Chief Executive Officer Ginger Martin. ANB Bank’s high-touch customer service is delivered to retail and business customers through one location on North Federal Highway in Oakland Park. As of last September ANB Bank reported total assets of $439 million, with total loans of $322 million, and total deposits of $374 million, of which over $300 million are non-CD core deposits.
“This transaction strengthens our presence in the greater Miami market,” said United CEO Lynn Harton. “We made an investment in this market with our acquisition of First National Bank of South Miami in 2023 and currently have an experienced and expanding team in place. The acquisition of American National Bank is an exciting opportunity to add a customer service focused hub in an attractive area with a team that shares our values of customer service, employee engagement, and community development.”
UCB shares began Tuesday up 13 cents to $33.90.
