A team of Smith Anderson lawyers advised client Four Oaks Fincorp, Inc. (OTCQX: FOFN) and its wholly owned subsidiary, Four Oaks Bank & Trust Company, in reaching an agreement to be acquired by United Community Banks, Inc. (NASDAQ: UCBI) in a stock and cash transaction valued at approximately $124 million based on the closing of United’s stock price.
Four Oaks Bank operates 14 banking offices in North Carolina, 12 of which are located in the Research Triangle region. According to the press release issued by Four Oaks, Four Oaks Bank will merge into United’s bank subsidiary and will operate under the United Community brand.
Four Oaks Chief Executive Officer David Rupp is quoted in the press release as saying “We are very excited to join the United Community Bank Team…Together, we will leverage the new resources and products available through United Community Bank to expand relationships and continue to grow in North Carolina.”
Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Four Oaks’ shareholders.
The Smith Anderson deal team was led by Geoff Adams, Brian Meacham and Alex Bowling.
About Four Oaks Fincorp, Inc.
With $736.7 million in total assets as of March 31, 2017, the Company, through its wholly-owned subsidiary, Four Oaks Bank & Trust Company, offers a broad range of financial services through its fourteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs, Zebulon, Dunn, Raleigh (LPO) and Apex (LPO), North Carolina. Four Oaks Fincorp, Inc. trades through its market makers under the symbol of FOFN. For more information, visit www.fouroaksbank.com.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) is a registered bank holding company based in Blairsville, Georgia with $10.7 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the southeast region’s largest full-service banks, operating 134 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products including mortgage, advisory and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service: In 2014, 2015 and 2016, J.D. Power ranked United Community Bank first in customer satisfaction in the Southeast. In 2017, for the fourth consecutive year, Forbes included United on its list of the top 100 Best Banks in America. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.