United Community Banks has agreed to acquire Progress Financial (Progress) and its wholly-owned subsidiary Progress Bank & Trust.

The all-stock transaction is valued at approximately $271.5m or $23.52 per share of Progress common stock.

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As per the agreement, Progress shareholders will receive 0.77 shares of United common stock for each stock they hold.

Huntsville, Alabama headquartered Progress operates 14 offices in southeastern markets.

As of 31 March 2022, Progress had $1.9bn in total assets, $1.3bn in loans and $1.7bn in deposits.

Other than traditional banking services, Progress offers wealth management and private banking services via Progress Bank’s division, Progress Financial Services, which has $1.2bn in AUM.

United chairman and CEO Lynn Harton said: “Our M&A focus has continued to be on high-growth markets in the Southeast with attractive demographics and strong in-migration. Progress’ footprint will complement our existing markets and be accretive to our franchise value.”

Progress president and CEO David Nast said: “I would like to thank the dedicated employees of Progress that have elevated our franchise over the past several years to one of the best performing banks in our region.

“I am proud of the company we have built together and believe that a partnership with United represents an excellent opportunity for us to continue to serve our customers at the highest level.”

Subject to regulatory approval, the merger is expected to complete in the fourth quarter of 2022.

The announcement comes after United completed its merger with Reliant Bancorp.

The Reliant deal, valued at around $517m, was announced in July 2021.