United Community Banks, Inc. (NYSE:UCB) ("United") and Peach State Bancshares, Inc. ("Peach State") announced today the execution of a definitive merger agreement (the "Merger Agreement") pursuant to which United will acquire Peach State, and its wholly-owned subsidiary, Peach State Bank & Trust ("Peach State Bank"), in a stock and cash transaction (the "Merger").

Under the terms of the Merger Agreement, Peach State shareholders will be entitled to elect to receive either the per share cash consideration of $31.75 or the per share stock consideration of 0.8978 shares of United common stock for each share of Peach State common stock outstanding, subject to proration such that fifty percent of the Peach State shares will receive stock consideration and fifty percent of the shares will receive cash consideration. Additionally, stock options will be cashed out at closing. Based on United's stock price of $34.15 on April 17, 2026, the aggregate value of the Merger is $100.8 million.