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United Community Banks Receives Regulatory OK for First National Bank of South Miami Merger

May 31, 2023, 07:10 AM
Filed Under: Mergers & Acquisitions

United Community Banks, Inc. (UCBI) announced receipt of regulatory approval from the Federal Deposit Insurance Corporation to complete the previously announced acquisition of First Miami Bancorp, Inc. (FMIA) and its wholly owned subsidiary, First National Bank of South Miami. The transaction has also received approval from the Federal Reserve Bank of Richmond and the South Carolina Board of Financial Institutions. No further regulatory approvals are required.

The merger is expected to be completed in accordance with the law and the agreement on July 1, 2023. The merger was unanimously approved by the board of directors of each company. Shareholders of FMIA approved the transaction on May 30, 2023 at FMIA’s annual meeting.

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