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United Community Bank and Progress Bank to join forces.

On May 4, 2022, United Community Bank (“United”) and Progress Bank (“Progress”) announced an intent to join forces to expand their shared commitment of helping clients throughout Alabama and the Florida Panhandle realize their financial goals, expand their businesses, and plan for their futures. The combined bank will provide you with expanded access to United’s personal banking, business banking, and wealth management solutions while maintaining the client focus and local decision-making you have come to expect.
 
As a Progress client, we understand you may have questions, and we are committed to keeping you informed with clear and frequent communications throughout the transition process.
 
At this time, there is nothing you need to do. You should continue to conduct your banking as you always have with the same great team you know and trust.
 
We will continue to update you through a variety of direct communications and general public announcements as more information becomes available.
 
Should you have additional questions at this time, please do not hesitate to contact your local Progress team.  

The merger is subject to normal and customary approvals by shareholders and banking regulators. Additional information will be provided as the dates are confirmed; however, we are currently anticipating the merger to be completed in the first quarter of 2023. Below is a summary of basic information related to this transition:

About United Community Bank

United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management, and mortgage services for relationship-oriented consumers and business owners. At September 30, 2022, United had $23.7 billion in assets and 193 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 earned the coveted award. United was also named one of the "Best Banks to Work For" by American Banker in 2021 for the fifth consecutive year based on employee satisfaction.

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 (10) 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. Additional information about United can be found at www.ucbi.com.
 

About Progress Bank

Progress Financial Corporation is a Huntsville, Alabama-based financial holding company which, through its wholly-owned subsidiary Progress Bank & Trust, operates banking centers in Alabama and Florida. Progress Bank & Trust is a full-service commercial bank that offers a variety of deposit, lending, mortgage, and wealth management products and services to business and consumer customers.

As of September 30, 2022, Progress Financial Corporation had total assets of $1.7 billion, total loans of $1.4 billion, and total deposits of $1.5 billion. For additional information, locations, and hours of operation, please visit www.myprogressbank.com.

Frequently Asked Questions

1.   Who is United Community Bank?
Since 1950, United Community Bank has been dedicated to providing best-in-class service to our clients as the foundation of every relationship. Known as “The Bank That SERVICE Built®,” we are committed to improving the lives of residents in the communities we serve through the philosophy of delivering an exceptional banking service. We strive to provide valuable, convenient, and innovative products and services with the attentive client service you deserve.
 
2.   How will the merger impact me?
There will be no immediate effects for any Progress clients. You should continue to conduct your banking as you normally do, and you will continue to experience the same great service from the same local teams you know and trust.
 
3.   Where can I find additional information?
Progress and United issued a joint announcement on May 4, 2022, that includes some initial details. We will continue to update you through a variety of direct communications and general public announcements as more information becomes available.
 
4.   Why are Progress Bank and United Community Bank joining forces?
Progress and United are combining to be able to provide more services to Progress customers while maintaining the culture of service that you have come to love. Both banks have client-centric community banking philosophies that, when combined, will provide the stability and continuity of a larger institution. This will enable ongoing investment in new technology and new products that will help customers continue to grow and prosper.  
 
5   When will Progress begin its transition into United?
On May 4, 2022, Progress announced the intention to become a part of United. This transition is still subject to all approvals from banking regulators and the Progress Financial Corporation shareholders.
 
6.   Will my accounts still be FDIC insured?
If you do not have any pre-existing accounts with United Community Bank, then there will be no change to your FDIC insurance coverage. If you do have accounts at both United and Progress, the FDIC provides continuing separate insurance coverage for at least six months following the anticipated legal close in the first quarter of 2023.
 
7.   Will you continue to operate under the Progress Bank name?
Initially yes, however, Progress will eventually begin operating under the United Community Bank name, with a full transition anticipated in April 2023. The Progress and United teams will be working diligently in the background to make this transition as seamless as possible for you.
 
As we prepare for the full transition anticipated in April 2023, you may begin to see the United name appear on some legal documents and contracts or see statements such as “United Community Bank d/b/a Progress Bank.” However, you should continue to conduct your banking as you normally do. We will notify you in advance if any action is needed.
 
8.   Do I need to do anything right now with my accounts?
No, at this time there are no actions that need to be taken. You should continue to conduct your banking as you normally do. The Progress and United teams will be working diligently in the background to make this transition as smooth as possible. We will notify you in advance if any action is needed.
 
9.  Will I be notified of important changes impacting my accounts, including Online and Mobile Banking?
Yes, the Progress and United teams are dedicated to you, our client, and we will communicate as frequently as possible throughout this transition. Any account, online, and/or mobile banking changes that may impact you will be communicated well in advance of the change occurring.
 
10.  Who do I contact if I have questions about my accounts today or concerns going forward?
If you have any questions and/or concerns, you should contact your local Progress team. Our teams will be working closely together, and your local Progress team will continue to be your trusted resource.
 
11.  Will my local banking office remain open?
Yes. You will continue to enjoy the same convenience and service from the local team of bankers you know and trust, at the same locations you use today. There are no planned closures or consolidations of any branches as a result of the merger.
 
We understand you may have additional questions related to this transition, such as:
  • Will my current products or services change?
  • Will any fees change?
  • Will my account number change?
  • Will branch hours change?
 
Please know that Progress and United are currently preparing a comprehensive transition plan that will address these questions and much more. We will continue to update you regularly as this transition progresses.
 

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.  Some of the information on this site contains certain forward-looking information about United and the combined company after completion of the merger that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding plans, objectives, and expectations with respect to future operations, products, and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of United and Progress, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: those discussed and identified in public filings with the SEC made by United; our ability to consummate the merger with Progress, to achieve expected synergies and operating efficiencies in the Progress merger and to successfully integrate our operations; and our expectations regarding the timing and completion of the merger. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. United does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. You are also urged to carefully review and consider the various disclosures in United’s various SEC filings, including but not limited to the registration statement on Form S-4 and related materials mentioned above, United’s Annual Report on Form 10-K for the year ended December 31, 2021, and United’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022.