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United States : UCB to acquire loans, assets of commercial lender, BUSINESS CAROLINA INC.

May 9, 2014

United Community Banks Inc. said that its banking subsidiary agreed to acquire $25 million of loans and $6 million of other assets from commercial lender, Business Carolina Inc. Terms of the acquisition weren't disclosed.

United Community Bank's acquisition allows United to expand its small-business lending throughout South Carolina, North Carolina, Georgia and Tennessee.

United said it will employ all of Business Carolina's employees.

United has been looking for a partner to help fuel its efforts to become one of the leading small business lenders in the Southeast, and this transaction with BCI is a perfect fit.

Assets involve servicing rights to about $120 million in Small Business Administration loans.

The asset-purchase transaction is expected to close in 60 days.

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Source: TendersInfo (India)

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