United Community Banks Inc. and Aquesta Financial Holdings Inc. today announced a definitive agreement for United to acquire Aquesta, including its wholly-owned subsidiary, Aquesta Bank.
The transaction value is estimated at approximately $131 million, including approximately $12 million in value for outstanding options and warrants to acquire Aquesta common stock, according to a news release.
Aquesta is headquartered in Cornelius, N.C., a fast-growing suburb north of Charlotte on Lake Norman. It has an experienced management team led by President and CEO Jim Engel, who founded Aquesta Bank in 2006. The bank has a network of nine branches in Charlotte and Wilmington, N.C., as well as loan production offices in Raleigh, N.C., and Greenville and Charleston.