Fintech: Southeast News

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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.”


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