United Community Bank announces $131M merger with North Carolina-based Aquesta
May 27, 2021
United Community Bank announced May 27 it is acquiring Aquesta and its subsidiary Aquesta Bank in a transaction worth about $131 million.
Based outside of Charlotte in Cornelius, North Carolina, Aquesta was founded by president and CEO Jim Engel in 2006. The bank has nine branches around Charlotte as well as in Wilmington, North Carolina. It runs loan production offices in Raleigh and in South Carolina — in both Greenville and Charleston. Aquesta reported total assets of $752 million and loans of $576 million in March 2021.
UCB has more than $18 billion in assets and has 161 offices in Florida, Georgia, North Carolina, Tennessee and South Carolina. The Georgia-headquartered bank announced in February that it plans to move its headquarters to Greenville. Earlier this month, UCB announced it was acquiring FinTrust Capital Partners in Greenville.
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