FinTrust brand to continue for certain businesses
GREENVILLE, S.C., July 07, 2021 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (United) has completed its 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 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. On a combined basis, United now has $4.4 billion in assets under management or advisement. FinTrust will become an operating subsidiary of United and certain businesses currently operating under the Seaside brand will be combined with FinTrust and its existing brand. FinTrust’s Managing Partners, Phillip Brice, Pat Sheridan, and Allen Gillespie and their team will continue to operate the business.
United’s Chairman and CEO Lynn Harton stated, “Adding FinTrust significantly accelerates our continued efforts to grow our investment advisory business, which we have achieved both organically and with the addition of Seaside last year. We are excited by the opportunity this partnership brings to provide a full range of financial services to our customers and we are pleased to welcome FinTrust’s established team of professionals to United.”
FinTrust’s Co-founder and Managing Partner, Phillip Brice, stated, “Our team is highly energized and motivated by the potential of this partnership. We have already identified significant opportunities to expand our business as part of United. Our shared commitment to growing the investment advisory business and to providing the highest quality service to our clients is going to lead us to continued success as we expand throughout the Southeast.”
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) (United) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. United has $18.6 billion in assets and 161 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking seven out of the last eight years United earned the coveted award. United was also named "Best Banks to Work For" by American Banker in 2020 for the fourth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall Satisfaction. Additional information about United can be found at www.ucbi.com.
About FinTrust Capital Partners, LLC
FinTrust Capital Partners, LLC (FinTrust) provides investment advisory, financial planning, and securities brokerage services to private wealth and corporate and institutional customers. FinTrust’s mission is to deliver “Financial Peace of Mind with Unequaled Confidence and Conviction.” FinTrust has over $2.0 billion in client assets under management in four offices across South Carolina and Georgia. Additional information about FinTrust can be found at www.fintrustadvisors.com.
Caution About Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about future events or results or otherwise and are not statements of historical fact. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or words of similar meaning or other statements concerning opinions or judgments of United and its management about future events. Although United believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of United will not differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements; such statements are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Actual future results and trends may differ materially from historical results and or those anticipated depending on a variety of factors, including, but not limited to the factors and risk influences contained in the cautionary language included under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in United’s Form 10-K for the year ended December 31, 2020 and other periodic reports subsequently filed by United with the SEC, available on the SEC website, www.sec.gov. For any forward-looking statements made in this press release, United claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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Chief Financial Officer