United Community Banks, Inc. Announces Acquisition of FinTrust Capital Partners, LLCMay 13, 2021 08:23AM ● By David Dykes
By David Dykes
United Community Banks, Inc. (NASDAQ: UCBI) said May 13 it will acquire FinTrust Capital Partners, LLC (FinTrust), and its operating subsidiaries FinTrust Capital Advisors, LLC, FinTrust Capital Benefit Group, LLC and FinTrust Brokerage Services, LLC.
Terms weren’t disclosed.
FinTrust is a 13-year-old employee-owned investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets. As of March 31, 2021, FinTrust had assets under management of $2 billion across its advisory, retirement planning and brokerage businesses.
Said United’s Chairman and CEO Lynn Harton: “Our investment advisory business has grown organically over the past several years and was expanded in 2020 with a broader product offering with the acquisition of Seaside and their wealth management business. The addition of FinTrust, a strong and growing registered investment adviser, continues the expansion of our product offerings and gives us additional opportunities to provide a full range of financial services to our customers."
The transaction has been approved by United’s board of
directors and is expected to close in Q3 2021, subject to receipt of regulatory
approvals and compliance with other customary closing conditions. Upon
completion of the transaction, FinTrust will become an operating
subsidiary of United. Certain businesses operating under the
Seaside brand will be combined with FinTrust and its existing brand.
Said FinTrust’s co-founder Phillip Brice: “As managing partners, Pat Sheridan, Allen Gillespie and I are truly excited and energized by the potential of this partnership with United. We thoughtfully built our firm from the ground up and as a result we have attracted high quality, dedicated employees and loyal clients who are the cornerstone of our success. It has always been our focus to provide the highest quality service to our clients. We have built a highly scalable operation and with United’s resources, capital, and commitment to the investment advisory business, we are excited about our future growth throughout the Southeast.”
United, which is moving its banking headquarters to Greenville, has $18.6 billion in assets and 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary.
FinTrust provides investment advisory, financial planning, and securities brokerage services to private wealth and corporate and institutional customers.
Squire Patton Boggs (US) LLP serves as United’s legal
counsel. Park Sutton Advisors LLC serves as financial advisor to FinTrust
and Nelson Mullins Riley & Scarborough LLP serves as its legal
Last July, United completed its merger with Three Shores Bancorporation, Inc., a bank holding company that operated Seaside National Bank & Trust and its subsidiaries, which included Seaside Insurance and Seaside Capital Management, a registered investment adviser. Seaside National Bank & Trust was a nationally-chartered commercial bank headquartered in Orlando, Florida, that operated in 14 cities located throughout North Florida, Central Florida, West Florida, South Florida, and the Greater Miami Area.
Through its affiliated companies, Three Shores offered clients an array of financial services including private banking, commercial banking, wealth management, trust services, and insurance.
As of March 31, 2020, Three Shores had total consolidated assets of $1.8 billion, total deposits of $1.5 billion, total loans of $1.4 billion and total stockholders’ equity of $176 million. Off-balance sheet in its wealth management business, company subsidiaries had $857.2 million of assets under advisement, of which $553.5 million was fully managed for the benefit of its clients.
Three Shores’ bank subsidiary, Seaside National Bank & Trust, merged into United’s bank subsidiary, United Community Bank.