Jul. 15—United Community Banks Inc., which has several locations in Cobb County, and Reliant Bancorp Inc. announced the execution of a definitive merger agreement. United will acquire Reliant and its wholly-owned subsidiary, Reliant Bank, in an all-stock transaction with an aggregate value of approximately $517 million, or $30.58 per share of Reliant common stock, based on United's closing stock price of $31.07 on July 13.
Reliant is headquartered in Brentwood, Tennessee, a fast-growing suburb of Nashville, Tennessee. It is a highly-valued franchise with an experienced management team led by chairman and CEO DeVan Ard Jr., who founded Reliant Bank in 2006. Reliant operates four branches in Clarksville, one branch in Chattanooga, and has a manufactured housing finance group based in Knoxville. As of March 31, Reliant reported total assets of $3.1 billion, total loans of $2.4 billion, and total deposits of $2.6 billion.
Following the closing of the merger, United is projected to be ranked 10th in Tennessee for deposit market share.
Under the terms of the merger agreement, Reliant shareholders will receive 0.9842 shares of United common stock for each share of Reliant common stock outstanding. The merger agreement was unanimously approved by the boards of directors of Reliant and United. The merger is expected to be completed in the first quarter of 2022 and is subject to customary conditions, including regulatory approval as well as the approval of Reliant's shareholders.
D.A. Davidson & Co., Morgan Stanley & Co. LLC and Piper Sandler & Co. acted as financial advisors to United, and Nelson Mullins Riley & Scarborough LLP served as United's legal advisor. Raymond James & Associates Inc. and Credit Suisse Securities (USA) LLC served as financial advisors to Reliant, and K&L Gates LLP served as Reliant's legal advisor.