United Community Banks has purchased Peach State Bank & Trust of Gainesville.
Founded in 2005, Peach State has locations in Gainesville and Braselton. As of March 31, it reported total assets of $788 million, with total loans of $498 million, and total deposits of $713 million.
“We are very pleased to join forces with Peach State to strengthen our presence in Gainesville, which is an outstanding area,” said Lynn Harton, Chairman and Chief Executive Officer of United. “Because we already operate in the Gainesville area, this partnership creates a unique opportunity to learn from one another, combine local knowledge, and deepen our impact.”
Ron Quinn, President and Chief Executive Officer of Peach State Bank, added, “We have spent many years building a strong team and serving our customers in Hall County. As we considered potential partners to help move us into the next phase of our growth, it became clear that United Community was by far the best strategic fit.”
The acquisition is expected to be completed in the third quarter of this year pending approval of banking regulator and Peach State’s shareholders.