May 27—United Community Banks Inc., which has several locations in Cobb County, and Aquesta Financial Holdings Inc. announced a definitive agreement for United to acquire Aquesta, including its wholly-owned subsidiary, Aquesta Bank.
Aquesta is headquartered in Cornelius, North Carolina. It has a premier franchise with an experienced management team led by president/CEO Jim Engel, who founded Aquesta Bank in 2006. The bank has a network of nine branches located in Charlotte and Wilmington. Aquesta also has successful loan production offices in Raleigh, North Carolina as well as Greenville and Charleston, South Carolina. As of March 31, 2021, Aquesta reported total assets of $752 million, with total loans of $576 million. Additionally, $586 million, or 92%, of its deposit base consists of non-CD core deposits.
The transaction value is estimated at approximately $131 million, including approximately $12 million in value for outstanding options and warrants to acquire Aquesta common stock. It is expected to be completed in the fourth quarter of 2021 and is subject to customary conditions, including regulatory approval as well as the approval of Aquesta's stockholders.
Hovde Group LLC acted as financial advisor to United, and Nelson Mullins Riley & Scarborough LLP served as United's legal advisor. Piper Sandler & Co. served as Aquesta's financial advisor, and Wyrick Robbins Yates & Ponton LLP served as Aquesta's legal advisor.
For more information, visit www.ucbi.com.