Reliant operates four branches in Clarksville, one in Chattanooga, and has a housing finance group based in Knoxville
United Community Banks has reached a definitive merger agreement to acquire Reliant Bancorp, along with its wholly-owned subsidiary Reliant Bank in an all-stock transaction worth around $517m.
Established in 2006 in Brentwood, Tennessee, Reliant operates four branches in Clarksville, one in Chattanooga, and has a housing finance group based in Knoxville.
Led by an experienced management team, the company serves its customers through a network of 25 branches in Tennessee.
Reliant had total assets of $3.1bn, total loans of $2.4bn, and total deposits of $2.6bn, as of 31 March 2021.
It is headquartered in Brentwood, Tennessee, which is said to be a fast-growing suburb of Nashville, Tennessee.
United chairman and chief executive officer Lynn Harton said: “Partnering with Reliant is consistent with our strategy to expand into high-growth southeastern markets with companies that share our focus on employee experience, customer service, and community engagement.
“We have had a strong interest in strengthening our Tennessee franchise for several years and are excited to enter the state’s best market with Newsweek’s 2021 “Best Small Bank in Tennessee”.
“Reliant is a highly regarded, high-performing bank. This merger positions us well for future growth in the state. We are very pleased that DeVan will continue his leadership role as United’s Tennessee State President.”
Under the terms of the agreement, Reliant shareholders would receive 0.9842 shares of United common stock for each outstanding share of Reliant common stock held.
The transaction is expected to close in the first quarter 2022, subject to customary conditions, including regulatory approval and Reliant shareholders’ approval.
Reliant chairman and chief executive officer DeVan Ard Jr said: “By joining forces with United, we recognize an opportunity to align ourselves with a partner that shares our passion for providing high-quality customer service, and to leverage their larger balance sheet and a broader set of products and services for our customers.
“Becoming part of United’s team-oriented, high-performance culture presents a unique opportunity for Reliant, and we consider it a privilege.”
D.A. Davidson & Co., Morgan Stanley & Co. and Piper Sandler & Co. served as financial advisors, while Nelson Mullins Riley & Scarborough as legal advisor to United for the transaction.
United offers a range of banking, wealth management and mortgage services for consumers and business owners. With $18.6bn in assets, it has 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee.