United Community Banks, Inc. completed its merger with First Miami Bancorp, Inc. effective July 1. In this transaction, First Miami’s bank subsidiary, the First National Bank of South Miami (FNBSM), was also merged into United’s bank subsidiary, United Community Bank. After conversion, FNBSM will operate under the United Community brand.
FNBSM is headquartered in South Miami, FL, and operates three offices in the high-growth Miami metropolitan area. As of March 31, 2023, FNBSM had total assets of $945 million, total loans of $605 million, and total deposits of $823 million. In addition to traditional banking services, FNBSM offers private banking, trust and wealth management services with approximately $320 million in assets under management. FNBSM has an excellent reputation in its local communities and is led by a skilled banking team that is well-known for providing excellent customer service.
“We are thrilled to welcome this group of talented bankers to the United Community team. While we have been acquainted for some time, we’ve had the opportunity to really get to know the FNBSM team since announcing the merger. Their culture and approach to community engagement, customer service, and the employee experience is very similar to ours at United Community,” said Lynn Harton, Chairman and Chief Executive Officer of United. “This partnership with FNBSM meaningfully expands our presence in the vibrant Miami market, which continues to be one of the most attractive metropolitan markets in the country. We look forward to working with our new team to continue growing in Miami, providing enhanced products and services with the attention and local service that customers deserve.”
W. Rockwell “Rocky” Wirtz, Chairman and President of First Miami, said, “We built FNBSM focused on growth, getting there with a fierce commitment to the delivery of preeminent customer service. These are the same virtues that United Community is known for. We are delighted and excited to join forces with an organization and a group of professionals that share the same values and integrity.”
Stephens Inc. and Morgan Stanley & Co. LLC acted as financial advisors to United, and Wachtell, Lipton, Rosen & Katz served as United’s legal advisor. D.A. Davidson & Co. served as financial advisor to First Miami, and Barack Ferrazzano Kirschbaum & Nagelberg LLP and Gozdecki, Del Giudice, Americus & Brocato LLP served as First Miami’s legal advisors.