Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted July 20, 2021

 

United Community Banks announced on Wednesday, July 14 it will acquire Reliant Bancorp and its subsidiary Reliant Bank. The transaction value is worth $517 million.

Headquartered in Brentwood, Tennessee near Nashville, Reliant was founded in 2006 by DeVan Ard, Jr. The bank has a network of 25 branches across the state, mostly in Nashville. There are branches in Clarksville and Chattanooga as well. Reliant operates a manufactured housing finance group 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.

Related: United Community Bank announces $131M merger with North Carolina-based Aquesta

“Partnering with Reliant is consistent with our strategy to expand into high-growth southeastern markets with companies that share our focus on employee experience, customer service, and community engagement.” Lynn Harton, chairman and CEO of UCB, said in a press release. “We have had a strong interest in strengthening our Tennessee franchise for several years and are excited to enter the state’s best market with Newsweek’s 2021 ‘Best Small Bank in Tennessee.’ Reliant is a highly regarded, high-performing bank.”

{mprestriction ids="1,4,9"}The merger was approved unanimously by both UCB’s and Reliant’s boards of directors. It’s expected to be finalized in the first quarter of 2022 after approval by regulatory bodies and approval by Reliant’s shareholders.

“This merger positions us well for future growth in the state. We are very pleased that DeVan will continue his leadership role as United’s Tennessee State President,” Harton said.

DeVan Ard, Jr., chairman and CEO of Reliant, said, “By joining forces with United, we recognize an opportunity to align ourselves with a partner that shares our passion for providing high-quality customer service, and to leverage their larger balance sheet and a broader set of products and services for our customers.”


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