United Community Banks, Inc. Announces Acquisition of FinTrust Capital Partners, LLC

United Community Banks, Inc. (NASDAQ: UCBI) (United) today announced that its Advisory Services division will be expanding through the acquisition of FinTrust Capital Partners, LLC (FinTrust), and its operating subsidiaries FinTrust Capital Advisors, LLC, FinTrust Capital Benefit Group, LLC and FinTrust Brokerage Services, LLC. FinTrust is a 13-year-old employee-owned investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets. As of March 31, 2021, FinTrust had assets under management of $2.0 billion across its advisory, retirement planning and brokerage businesses.

United’s Chairman and CEO Lynn Harton stated, “Our investment advisory business has grown organically over the past several years and was expanded in 2020 with a broader product offering with the acquisition of Seaside and their wealth management business. The addition of FinTrust, a strong and growing Registered Investment Adviser, continues the expansion of our product offerings and gives us additional opportunities to provide a full range of financial services to our customers. We have known FinTrust for many years and we know they share our dedication to providing an integrated and expansive set of services to clients to help them achieve financial health and peace of mind. This opportunity significantly increases our advisory assets under management and adds an established team of professionals that we are very pleased to welcome to United.”

The transaction has been approved by United’s board of directors and is expected to close in Q3 2021, subject to receipt of regulatory approvals and compliance with other customary closing conditions. Upon completion of the transaction, FinTrust will become an operating subsidiary of United. Certain businesses currently operating under the Seaside brand will be combined with FinTrust and its existing brand.

FinTrust’s Co-founder, Phillip Brice, stated, “As Managing Partners, Pat Sheridan, Allen Gillespie and I are truly excited and energized by the potential of this partnership with United. We thoughtfully built our firm from the ground up and as a result we have attracted high quality, dedicated employees and loyal clients who are the cornerstone of our success. It has always been our focus to provide the highest quality service to our clients. We have built a highly scalable operation and with United’s resources, capital, and commitment to the investment advisory business, we are excited about our future growth throughout the Southeast.”

Squire Patton Boggs (US) LLP serves as United’s legal counsel. Park Sutton Advisors LLC serves as financial advisor to FinTrust and Nelson Mullins Riley & Scarborough LLP serves as its legal counsel.

SCBIZtv is part of the SC Biz News family, serving 100,000 high-level business execs throughout South Carolina. Click for more from SCBIZtv.