GREENVILLE, S.C., July 10, 2026 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) ("United") and Peach State Bancshares, Inc. ("Peach State") announced today the election deadline by which Peach State shareholders of record may elect the form of consideration that they prefer to receive as merger consideration pursuant to the Agreement and Plan of Merger, dated as of April 20, 2026, by and between United and Peach State (the "Merger Agreement"). The election deadline is 5:00 p.m. Eastern Time on July 20, 2026. United and Peach State also announced that United has received all required regulatory approvals to acquire Peach State and that the closing of the transaction is expected to occur on August 3, 2026, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement, including the approval of Peach State shareholders.
Peach State shareholders of record wishing to make an election must deliver to Continental Stock Transfer & Trust Company ("Continental") a properly completed election form and letter of transmittal and any other applicable election materials including their Peach State stock certificates by the election deadline of 5:00 p.m. Eastern Time on July 20, 2026. Peach State shareholders who are missing Peach State stock certificates may submit a properly completed election form and letter of transmittal and a notice of guaranteed delivery by the election deadline and then must ensure their stock certificates (or replacement certificates) are received by Continental by 5:00 p.m., Eastern Time on July 27, 2026.
Each Peach State shareholder will be entitled to receive, for each share of Peach State common stock held immediately prior to the effective time of the merger, (i) $31.75 in cash (subject to applicable withholding tax), without interest, or (ii) 0.8978 shares of common stock, par value $1.00 per share of United (together, the "merger consideration"). The merger consideration is subject to proration so that the overall consideration received by Peach State shareholders is 50% cash and 50% United stock.
Each Peach State shareholder will receive cash in lieu of any fractional shares of United common stock that such shareholder otherwise would be entitled to receive. Each Peach State shareholder that does not submit properly completed election materials to Continental by the election deadline will be treated as non-election shares and will receive the cash consideration or the stock consideration in accordance with the allocation and proration procedures described in the Merger Agreement.