UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 1, 2016

 

UNITED COMMUNITY BANKS, INC.

(Exact name of registrant as specified in its charter)

 

Georgia   No. 001-35095   No. 58-180-7304
(State or other jurisdiction of   (Commission File Number)   (IRS Employer
 incorporation)       Identification No.)

 

125 Highway 515 East
Blairsville, Georgia 30512
(Address of principal executive offices)

 

Registrant's telephone number, including area code:
(706) 781-2265

 

Not applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

 

Item 8.01Other Events.

 

On July 1, 2016, United Community Banks, Inc. (the “Company”) issued a press release announcing the completion of the merger on July 1, 2016, of Tidelands Bancshares, Inc. (“Tidelands”) with and into the Company and Tidelands Bank, a wholly-owned subsidiary of Tidelands, with and into United Community Bank, a wholly-owned subsidiary of the Company, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated April 4, 2016, as amended, by and between Tidelands and the Company.

 

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits

 

Exhibit No.   Description
99.1   Press Release, dated July 1, 2016

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

  UNITED COMMUNITY BANKS, INC.
     
     
     
  By:   /s/ Rex S. Schuette
    Rex S. Schuette
    Executive Vice President and
    Chief Financial Officer

 

Date: July 1, 2016

 

 

 

 

INDEX TO EXHIBITS

 

Exhibit No.   Description
99.1   Press Release, dated July 1, 2016

 

 

 

 

 

Exhibit 99.1

 

 

 

For Immediate Release

 

For more information:

 

Rex S. Schuette

Chief Financial Officer

706-781-2265

rex_schuette@ucbi.com

 

United Community Banks, Inc. Announces COMPLETION

OF MERGER WITH Tidelands Bancshares, Inc.

 

BLAIRSVILLE, Ga., July. 1, 2016 — United Community Banks, Inc. (NASDAQ: UCBI) (“United”) has completed its merger, effective today, with Mt. Pleasant, South Carolina-based Tidelands Bancshares, Inc. (OTC Pink: TDBK) (“Tidelands”).

 

Also effective today, Tidelands’ bank subsidiary, Tidelands Bank, merged into United’s bank subsidiary, United Community Bank. The legacy Tidelands Bank offices will continue to operate as Tidelands Bank until conversion to United’s operating systems, which is expected in November 2016. After conversion, these offices will operate under the brand name of United Community Bank.

 

The merger of Tidelands into United enhances United’s presence in the fast-growing coastal South Carolina markets of Charleston, Hilton Head and Myrtle Beach. It also provides an important platform for an existing team of United lenders already in the Charleston area, as well as expanded banking products and services for Tidelands customers.

 

“The acquisition of Tidelands completes the two-step plan associated with our coastal South Carolina growth strategy,” stated Jimmy Tallent, chairman and chief executive officer of United. “The first step, completed in 2015, was bringing in experienced Charleston-area bankers led by regional president Dixon Woodward. The team is off to a strong start, already exceeding our high expectations. With the combination of our exceptional bankers and this in-market banking platform, we expect to accelerate our growth opportunities in the attractive coastal South Carolina markets.”

 

 

 

 

Thomas Lyles, chairman, president and chief executive officer of Tidelands, will continue as chairman of United’s Charleston community bank advisory board. “The merger provides enhanced resources and a wider range of products and services,” Lyles said. “We will have the ability to grow in ways that would have been more difficult on our own. More importantly, the combination with United is a win for our loyal customers. They are accustomed to best-in-class customer service - the very kind for which United is known.”

 

Dixon Woodward, United’s Regional President of Coastal South Carolina, said, “We have had the opportunity to begin working with Thomas and our other new Tidelands teammates over the past few months and are extremely encouraged and excited by what we have seen. The customers, employees and branch network are all top notch, and will fit very well into United’s plans for growth in coastal South Carolina. The synergies between our teams are tremendous, and we believe will lead to a successful partnership both strategically and financially.”

 

Tidelands Bank operates seven branches with $464 million in assets, $413 million in deposits and $325 million in loans.

 

About United Community Banks, Inc.

 

United Community Banks, Inc. (NASDAQ:UCBI) is a registered bank holding company based in Blairsville, Georgia, with $10.3 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast region’s largest full-service banks, operating 142 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products, including mortgage, advisory, and treasury management. United Community Banks is consistently recognized for its outstanding customer service by respected national research firms. In 2016, United Community Bank was ranked first in customer satisfaction in the Southeast by J.D. Power for the third consecutive year, and again in 2016 was ranked among the top 100 on the Forbes’ list of America’s Best Banks. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.