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BRIEF-United Community Banks and HCSB Financial Corp announce merger agreement
April 20, 2017 / 10:49 AM / 5 months ago

BRIEF-United Community Banks and HCSB Financial Corp announce merger agreement

April 20 (Reuters) - United Community Banks Inc

* United community banks and HCSB Financial Corp(Horry County State Bank) announce merger agreement

* Transaction has been unanimously approved by board of directors of each company and is expected to close in Q3 of 2017

* Transaction has been unanimously approved by board of directors of each company and is expected to close in Q3 of 2017

* HCSB shareholders will receive merger consideration consisting of 100 percent stock

* Transaction is also expected to be neutral to United’s tangible book value per share

* Fixed exchange ratio of .0050 shares of united common stock for each share of HCSB for deal

* Horry County State Bank will merge into United’s Bank subsidiary, United Community Bank, and will operate under United brand

* Says transaction is currently valued at approximately $66 million

* Horry County State Bank will merge into United’s bank subsidiary, United Community Bank

* Horry County State Bank will operate under United brand

* TRANSACTION is also expected to be accretive to United’s fully diluted EPS for 2018, excluding one-time transaction costs

* United will recover HCSB’s deferred tax assets and other related tax benefits totaling approximately $11 million

* Combination adds $313 million of deposits to United’s Myrtle Beach franchise

* Transaction expected to be 3 centsper share accretive to United’s fully diluted eps for 2018, excluding one-time transaction costs Source text for Eikon: Further company coverage:

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