United Community to acquire Peach State for $31.75 per share

United Community Banks (UCB) and Peach State Bancshares announced the execution of a definitive merger agreement pursuant to which United will acquire Peach State, and its wholly-owned subsidiary, Peach State Bank & Trust, in a stock and cash transaction. Under the terms of the Merger Agreement, Peach State shareholders will be entitled to elect to receive either the per share cash consideration of $31.75 or the per share stock consideration of 0.8978 shares of United common stock for each share of Peach State common stock outstanding, subject to proration such that fifty percent of the Peach State shares will receive stock consideration and fifty percent of the shares will receive cash consideration. Additionally, stock options will be cashed out at closing. Based on United’s stock price of $34.15 on April 17, 2026, the aggregate value of the Merger is $100.8 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. “United’s culture and Peach State’s culture fit seamlessly together, where we share a deep commitment to service and a strong presence in the communities we serve. 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. Together, we will build even stronger, service-minded teams focused on improving our communities – one customer at a time.”