United Community Banks (UCB) M&A announcement summary

Deal rationale and strategic fit

• Expands presence in the Gainesville, Georgia MSA, elevating deposit share from third to first position and strengthening presence in a high-growth area.

• Aligns with strategy to acquire high-quality, franchise-enhancing companies in attractive Southeastern markets.

• Both organizations share a strong commitment to customer service, community engagement, and service-minded teams.

• The partnership leverages local knowledge and expands product and service offerings for customers.

Financial terms and conditions

• Aggregate transaction value of $100.8 million, with consideration split 50% stock and 50% cash, based on United's stock price of $34.15.

• Each share exchanged for 0.8978 United shares or $31.75 in cash, subject to proration; options cashed out at closing.

• Anticipated issuance of 1.3 million United shares to Peach State shareholders.

• Price-to-tangible book value of 194%, price-to-2027E earnings of 9.16x, and 5.97x including cost savings.

Synergies and expected cost savings

• Estimated cost savings of 40% of Peach State's FY2026 non-interest expense, or ~$7.1 million.

• Projected EPS accretion in 2027 of $0.09, or $0.12 if share repurchases offset dilution.

• Estimated transaction returns align with United's acquisition criteria for tangible book value and internal rates of return.