Progress Financial Corporation | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.

Leadership

Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Stephens & Williams Racing Partnership

Stephens is the official investment banking partner of Williams Racing, one of the most winning teams in F1 history. We share that tradition of success.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

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Financial Advisor

Progress Financial Corporation

$271.5 Million 05/04/2022 Depository Pending
Public Companies
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Transaction Details

  • On May 4, 2022, United Community Banks, Inc. (NASDAQGS:UCBI) (“United”) and Progress Financial Corporation (“Progress”) announced the execution of a definitive merger agreement pursuant to which United will acquire Progress, and its wholly-owned subsidiary, Progress Bank & Trust (the “Merger”), in an all-stock transaction with an aggregate value of approximately $271.5 million, or $23.52 per share of Progress common stock based, based on United’s closing stock price of $30.55 as of May 3, 2022
  • Under the terms of the merger agreement, Progress shareholders will receive 0.77 shares of United common stock for each share of Progress common stock outstanding
  • United announced that the Merger is expected to be accretive to United’s earnings per share, excluding transaction costs, by 2% in 2023, and 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 is expected to be completed in Q4’22
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. (1) Transaction multiples calculated based on the aggregate deal value, Progress’s consolidated financials as of or for the twelve months ended March 31, 2022 and United’s closing price of $30.55 as of May 3, 2022.

    (2) Progress consolidated financials and UCBI GAAP data as of or for the twelve months ended March 31, 2022.

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