United Community Banks, ANB Holdings enter merger agreement

United Community Banks (UCB) and ANB Holdings announced the execution of a definitive merger agreement pursuant to which United will acquire ANB, and its wholly-owned subsidiary, American National Bank, in an all-stock transaction with an aggregate value of approximately $80M. ANB Bank is headquartered in Oakland Park, Florida, a northern and fast-growing part of the Miami metropolitan area. Founded in 1985, ANB Bank primarily services Miami Dade, Broward, and Palm Beach Counties. It is a premier franchise with an experienced management team led by President and Chief Executive Officer Ginger Martin. ANB Bank’s high-touch customer service is delivered to retail and business customers through one location on North Federal Highway in Oakland Park. As of September 30, 2024, ANB Bank reported total assets of $439M, with total loans of $322M, and total deposits of $374M, of which over $300M are non-CD core deposits. Under the terms of the Merger Agreement, ANB shareholders will receive 1.650 shares of United common stock for each share of ANB common stock outstanding. The Merger is expected to be accretive to United’s earnings per share by approximately $0.04 per share in 2026, the first full year of combined operations. Additionally, the estimated transaction returns are consistent with United’s stated acquisition criteria pertaining to tangible book value and targeted internal rates of return. The Merger Agreement was unanimously approved by the boards of directors of United and ANB. The Merger is expected to be completed in the second quarter of 2025 and is subject to customary conditions, including regulatory approval as well as the approval of ANB’s shareholders