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.
Sherrod Brown, the Chairman of the Senate’s Committee on Banking, Housing, and Urban Affairs recently sent a letter to Michael Hsu, the Acting Comptroller expressing his concern over a.