📑 What This Document Is 🗞️

This filing is an 8-K, which is a key regulatory report used to announce material, unscheduled events to investors. Think of it like a "Breaking News" announcement for the financial world. In this case, United Community Banks and Peach State Bancshares are announcing their definitive merger agreement, which is the formal legal promise that they intend to combine into one larger bank.

👉 What readers should expect is a deep dive into the mechanics of the merger: the financial value, the timeline, the reasons why the CEOs think it will work, and the detailed requirements for shareholder approval.

🏦 United Community Banks: The Big Picture 🏛️

Before diving into the deal, it’s important to understand United Community Banks (UCB). They are a major regional financial holding company committed to helping communities grow financially. UCB is very large, operating 200 offices and having $28.2 billion in assets as of March 31, 2026.

👉 United provides a full range of services, including banking, mortgage, and wealth management, extending its services nationally through specialized subsidiaries.

🏞️ Peach State Bank: The Local Focus 🏡

Peach State Bank & Trust is the bank that will be acquired. They are characterized as a "true community bank" focused on the Hall County area of Georgia. They have a deep local history, having served the community for over 20 years.

👉 As of March 31, 2026, Peach State Bank reported $788 million in total assets and $713 million in total deposits. This shows they have a strong, established local footprint.

🤝 The Merger Agreement Details 💰

The core of this filing is the agreement for United to acquire Peach State in a process called the "Merger." This isn't just a purchase; it's a combination of two distinct local institutions into one stronger entity.

👉 Shareholders of Peach State have a choice of how they want to be paid for their shares, which is a key detail in the merger.

Merging Consideration Options

Peach State shareholders will be given two options for receiving payment for their shares:

• Cash Option: A per share cash payment of $31.75.
• Stock Option: Receiving 0.8978 shares of United common stock.

The agreement uses a proration mechanism, meaning that 50% of the shares will receive the stock consideration, and the other 50% will receive the cash consideration.

🚀 Strategic Rationale and Culture Fit ✨

Both CEOs emphasized that the decision to merge was not just about numbers, but about complementing each other's strengths and maintaining their local commitment. This focuses on making the transition smooth and customer-centric.

Lynn Harton, Chairman and CEO of United, highlighted the shared mission, stating, "United's culture and Peach State's culture fit seamlessly together, where we share a deep commitment to service and a strong presence in the communities we serve."

Ron Quinn, CEO of Peach State Bank, praised United's stability and scope, noting, "Their focus on the needs of the customer, combined with their larger balance sheet and expanded product and service offerings, will ensure that our customers continue to receive best in class service."

👉 The repeated emphasis on "service," "deep commitment," and "culture fit" signals that the management views this as a partnership, not just a takeover, which can be critical for retaining local customers and employees.

📈 Projected Financial Impact 💹

The merger is expected to enhance United's profitability, or earnings per share (EPS). The financial benefits are projected to start showing up in 2027.

• Initial Expectation: The merger is expected to be accretive (meaning it increases) to United’s earnings per share by approximately $0.09 per share in 2027, in the first full year of combined operations.
• Adjusted Expectation: If United repurchases shares on the open market to offset the shares issued in the deal, the expectation rises to approximately $0.12 per share in 2027.

👉 These figures suggest the deal is anticipated to be financially positive and accretive to United’s shareholder value.

🗓️ Merger Timeline and Approvals ⏳

The process is not instantaneous. Several legal and regulatory steps must be completed before the merger can officially close.

• Completion Date: The Merger is expected to be completed in the third quarter of 2026.
• Conditions: It is subject to "customary conditions," which include obtaining necessary regulatory approvals and, most importantly, the approval of Peach State’s shareholders.
• Approvals: The Merger Agreement has already been unanimously approved by the boards of directors of both United and Peach State.

⚖️ Advisors and Legal Counsel 🤝

Major financial transactions require expert advice. This section details the professional firms that assisted the two banks throughout the planning and execution phases, ensuring that all legal and financial angles were covered.

• United Community:
  • Financial Advisor: Hovde Group, LLC
  • Legal Advisor: Wachtell, Lipton, Rosen & Katz
• Peach State:
  • Financial Advisor: Piper Sandler & Co.
  • Legal Advisor: Alston & Bird, LLP

📃 Important Investor and Disclosure Details ℹ️

This filing contains multiple cautionary statements and highly detailed instructions about where to find the full, official merger documents. These disclosures are mandatory because the deal has a major impact and shareholders need to review every single detail themselves.

👉 Investors and shareholders of Peach State are repeatedly encouraged to read the full registration statement, which includes the proxy statement and prospectus, as these documents contain the most critical, detailed information about the proposed transaction.

📞 Contact Information and Next Steps 📬

If investors or stakeholders have questions, the filing provides specific contacts for both organizations.

United Community Banks, Inc. (UCB):

• P.O. Box 398, Blairsville, GA 30514
• Attn: Jefferson Harralson
• Telephone: (864) 240-6208
• Email: [email protected]

Peach State Bancshares, Inc.:

• 121 E. E. Butler Parkway, Gainesville, Georgia 30501
• Attn: Ron Quinn
• Telephone: (770) 531-2767

🧠 The Analogy

Think of the merger like two neighboring, successful coffee shops. Shop A (United) is a large, well-established chain with many branches and resources across the region. Shop B (Peach State) is a beloved, tightly-knit local shop with a dedicated, loyal customer base in one neighborhood. Instead of one swallowing the other, they agree to merge because they recognize that combining Shop A’s large supplies and professional equipment with Shop B’s unbeatable community loyalty and local knowledge will create a single, unbeatable neighborhood coffee spot.

🧩 Final Takeaway

The merger signals a strategic move by United to solidify its regional presence and by Peach State to gain the financial scale and expanded product offerings of a larger bank, all while maintaining a strong focus on community service. The completion of the deal hinges on regulatory approval and, most critically, the vote of Peach State’s shareholders.