United Community Banks, Inc. announces Founder and CEO Gary Shivers to retire from Navitas Credit Corp.
February 08, 2023
Ponte Vedra, FL – United Community Banks, Inc. (NASDAQ: UCBI) ("United") and its wholly-owned subsidiary, Navitas Credit Corp., an industry leader in equipment financing, today announced company founder Gary Shivers will retire as Chief Executive Officer effective February 28, 2023. Shivers retires from the company he founded in 2008, leaving a strong legacy and prodigious career in the equipment financing industry that spans three decades.
Shivers founded Navitas in 2008 and, over the last 15 years, grew the company to over 1.3 billion in assets, with new originations reaching a billion dollars per year. During his tenure, the company expanded into multiple equipment verticals, including office equipment, commercial furniture, HVAC, franchise financing, and titled vehicles. The company currently has 196 employees and has established a strong sales and service presence with 8 locations nationwide. In February 2018, Navitas was acquired by United Community Banks, Inc., one of the largest full-service financial institutions in the Southeast.
His 30-year-plus career has established him as an industry leader with a track record of achievement and innovation that has had a significant impact on the growth of the equipment financing marketplace. Shivers’ success milestones include the launching of Advanta Leasing Corp. in 1988, where he helped grow the company to over $300 million in annual volume in just ten years. In 1997, he was ready for a new challenge and became the President and Co-Founder of Marlin Business Services Corp. While at Marlin, he built an industry-leading sales and marketing platform and helped guide the organization through a successful I.P.O. in 2003.
His ability to attract industry talent and a desire to move from micro-ticket into the small-ticket segment motivated Shivers to start up Navitas. The company was 100% funded with Shivers’ capital during the initial start-up years and grew organically until he was able to expand the platform by making strategic acquisitions of companies and management teams with industry expertise in various niche markets.
“It has been an incredible journey, and I feel fortunate to have been part of this exciting and ever-changing industry. I am very proud to have worked with so many talented and dedicated people who greatly contributed to my success in this industry. This is the right time for me to retire with the highly experienced leadership team currently at Navitas and the strong support from our parent, United Community Bank. I feel confident that Navitas is positioned to continue to exceed its growth expectations and deliver the type of returns that make the company a valuable contributor to United’s continued success,” stated Shivers.
"On behalf of United’s entire board of directors, I would like to recognize Gary's strong leadership and vision which has made Navitas the unprecedented success it is today. He is an industry pioneer and a recognized leader among his peers. He has consistently delivered the type of performance that is hard to match in the equipment financing marketplace. Gary has developed the right team and strategic direction for Navitas to continue to be a strong performer for years to come,” said Lynn Harton, Chairman and Ceo of United Community Bank.
Shivers will remain a consultant to the Board of United Community Bank and plans to stay active in the equipment financing industry. His successor will be announced in the next few weeks.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) provides a full range of banking, wealth management and mortgage services for consumers and business owners. As of December 31, 2022, United had $24.0 billion in assets and 192 offices in Florida, Georgia, North Carolina, South Carolina, and Tennessee, along with a national SBA lending franchise and a national equipment lending subsidiary. The company, known as "The Bank That SERVICE Built," has been recognized nationally for delivering award-winning service. In 2022, J.D. Power ranked United highest in customer satisfaction with consumer banking in the Southeast, marking eight out of the last nine years United has earned the coveted award. Forbes recognized United as one of the top ten World's Best Banks in 2022. Forbes also included United on its 2022 list of the 100 Best Banks in America for the ninth consecutive year. United also received ten Greenwich Excellence Awards in 2021 for excellence in Small Business Banking and Middle Market Banking, including national awards for Overall Satisfaction and Likelihood to Recommend. United was also named one of the "Best Banks to Work For" by American Banker in 2022 for the sixth consecutive year based on employee satisfaction. Additional information about United can be found at www.ucbi.com