United Community Banks to acquire Peach State Bank in $100.8 million deal.
The transaction will expand United’s presence in Northeast Georgia and deepen its foothold in the fast-growing Gainesville market.
United Community Banks has agreed to acquire Peach State Bancshares in a stock-and-cash transaction valued at approximately $100.8 million, the companies announced Tuesday, marking another step in the consolidation of community banking across the Southeast.
The deal, which includes Peach State’s wholly owned subsidiary, Peach State Bank & Trust, is expected to close in the third quarter of 2026, pending regulatory and shareholder approvals.
Both companies’ boards unanimously approved the agreement.
Peach State Bank, based in Gainesville, Georgia, reported $788 million in total assets as of March 31, along with $498 million in loans and $713 million in deposits. Founded in 2005, the bank operates two branches in Hall County, including locations in Gainesville and Braselton, and has built a reputation for personalized service in a region experiencing steady population and economic growth.
For United Community, a $28.2 billion-asset institution with operations across six Southeastern states, the acquisition is aimed at strengthening an already established presence in the Gainesville market, roughly 50 miles northeast of Atlanta, Georgia.
“We are very pleased to join forces with Peach State to strengthen our presence in Gainesville, which is an outstanding area,” said Lynn Harton, chairman and chief executive of United. “United’s culture and Peach State’s culture fit seamlessly together, where we share a deep commitment to service and a strong presence in the communities we serve.”
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The transaction structure gives Peach State shareholders the option to receive either $31.75 per share in cash or 0.8978 shares of United common stock for each share held, with the final mix split evenly between cash and stock through proration. Stock options will be cashed out at closing.
United said the acquisition is expected to be accretive to earnings, adding about $0.09 per share in 2027, the first full year after the deal closes. That figure could rise to approximately $0.12 per share if the company repurchases shares to offset dilution from the transaction.
Peach State’s leadership framed the deal as a strategic move to support future growth while maintaining its community-focused approach.
“We have spent many years building a strong team and serving our customers in Hall County,” said Ron Quinn, president and chief executive of Peach State Bank. “As we considered potential partners to help move us into the next phase of our growth, it became clear that United Community was by far the best strategic fit. Their focus on the needs of the customer, combined with their larger balance sheet and expanded product and service offerings, will ensure that our customers continue to receive best in class service.”
The acquisition reflects broader trends in the banking industry, where rising costs, technological demands and competitive pressures are prompting smaller institutions to seek partnerships with larger regional players. For United, which operates about 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee, the deal adds scale in a high-growth corridor while reinforcing its community banking model.
Peach State, for its part, brings a concentrated footprint in Hall County, an area that has benefited from population growth and business expansion tied to its proximity to Atlanta. The bank has also received industry recognition, including being named to a national ranking of top regional banks.
United Community Tuesday also announced net income for the first quarter of $84.3 million and pre-tax, pre-provision income of $119.2 million. Diluted earnings per share of $0.69 for the quarter represented an increase of $0.11 from the first quarter of 2025 and a decrease of $0.01 from the fourth quarter of 2025.
In May, United Community completed its merger with ANB Holdings and its bank subsidiary, American National Bank, which was merged into United Community Bank.
Peach State Bank reported net income of $10 million in 2025 after earning $7.7 million in 2024, according to FDIC data.
If completed as expected, the deal will further solidify United Community’s position as a leading regional bank in the Southeast, while integrating a smaller, relationship-driven institution into its broader platform — a combination both companies say will enhance service offerings and deepen community engagement in Northeast Georgia.
“As we considered potential partners to help move us into the next phase of our growth, it became clear that United Community was by far the best strategic fit.”
– Ron Quinn
President & CEO
Peach State Bank
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
