Progress Financial Corporation | Stephens

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

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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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