Tidelands Bancshares Inc., the parent company of Mount Pleasant-based Tidelands Bank, was acquired Friday by Georgia-based United Community Banks Inc. , according to a filing with the U.S. Securities and Exchange Commission.
Tideland’s shareholders approved the merger agreement Thursday.
Tidelands Bank offices are expected to be converted to United’s operating systems in November, a news release from United said. After the conversion, the offices will operate under the brand name of United Community Bank.
“The acquisition of Tidelands completes the two-step plan associated with our coastal South Carolina growth strategy,” Jimmy Tallent, chairman and CEO of United, said in the release. “The first step, completed in 2015, was bringing in experienced Charleston-area bankers led by regional president Dixon Woodward. ... We expect to accelerate our growth opportunities in the attractive coastal South Carolina markets.”
Thomas Lyles, chairman, president and CEO of Tidelands, will continue as chairman of United’s Charleston community bank advisory board, the release said.
“We will have the ability to grow in ways that would have been more difficult on our own,” Lyles said in the release. “More importantly, the combination with United is a win for our loyal customers. They are accustomed to best-in-class customer service — the very kind for which United is known.”
Tidelands operated seven branches with $464 million in assets, $413 million in deposits and $325 million in loans. United operates 142 offices in Georgia, North Carolina, South Carolina and Tennessee. Its assets total $10.3 billion, the release said.