Friday, March 19, 2004
United Community Banks, Inc. to acquire Fairbanco Holding Company, Inc.
The parent company of 1st Community Bank, Fairbanco Holding Company, Inc., located in Fairburn is being acquired by United Community Banks, Inc. The transaction was approved by the directors of both companies and is valued at $24.5 million. First Community Bank has assets of $190 million with full-service banking offices in Peachtree City in Fayette County, Newnan in Coweta County, and Fairburn, Union City, and Palmetto in South Fulton County.
This acquisition represents United's entry into Atlanta's attractive southern metropolitan area and highlights the company's commitment to expand into new, high-growth banking markets in and around Atlanta. "This area is benefiting from the shift in population growth to the south side of Atlanta, as newcomers seek out more affordability and less congestion in areas south of I-20 and I-285," said Jimmy Tallent, United's President and Chief Executive Officer. "As a well established institution in these high-growth markets and one of the few remaining community banks in the area, 1st Community Bank is very well positioned for future growth."
"Strategically, this is an excellent acquisition for United Community Banks," Tallent explained. "It expands our metropolitan Atlanta presence into the fast growing southside market area. Since 2000, five southside cities were among the fastest growing in metro Atlanta and 1st Community Bank has offices in or near most of them. Its demographics and business environment make it one of the most attractive areas in the country to do business.
Headquartered in Blairsville, United Community Banks is the third-largest bank holding company in Georgia. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses in its markets. United Community Banks common stock is listed on the Nasdaq National Market under the symbol UCBI. Additional information may be found on the company's web site, www.ucbi.com.