National Commerce Corporation Announces Partnership with The United Group
BIRMINGHAM, AL and ORLANDO, FL (June 4, 2014) – National Commerce Corporation (NCC), parent of National Bank of Commerce, headquartered in Birmingham, Alabama, and The United Group (United), headquartered in Orlando, Florida, today jointly announced the signing of a definitive agreement providing for the partnership of United with NCC. Under the agreement, United will be merged with and into NCC, and United’s bank subsidiary, United Legacy Bank, will become a wholly owned subsidiary of NCC. Following the combination, United Legacy will continue to operate under its existing name, management, and board of directors. The transaction is subject to regulatory approval, United shareholder approval, and certain other conditions. The parties expect the closing to occur sometime in the fourth quarter of 2014 with a combined size of approximately $1 billion in total assets.
National Commerce Corporation Chairman & CEO, John H. Holcomb, III, spoke about the announcement, saying, “We couldn’t be more pleased to be partnering with the people at United Legacy. Our management teams have known and worked with one another for the better part of fifteen years, and we have great respect for the United Legacy board and management. We have talked about a potential business partnership several times over the years, so we are excited to be taking this next step in our strategic plan.”
David G. Powers, Chairman, President and CEO of The United Group and United Legacy Bank also spoke about the announcement, saying, “Our partnership with National Commerce Corporation will provide us the opportunity to execute on our business strategy of building a high profile banking franchise, while continuing to seek out other growth opportunities within Central Florida. Most importantly, both United Legacy and National Bank of Commerce share a common vision with a passion for the community bank model. I am excited to be on the ground floor of helping to build a dynamic community banking franchise serving key markets in the Southeast.”
About National Bank of Commerce
National Bank of Commerce is a community-focused banking leader that offers commercial, personal and mortgage banking services in four Alabama markets – Birmingham, Huntsville, Lee County and Baldwin County – and one Florida market – Vero Beach. Its customers benefit from straightforward and accessible banking relationships with experienced professionals. For more information about National Bank of Commerce, visit www.nationalbankofcommerce.com.
About United Legacy Bank
United Legacy Bank is a wholly owned subsidiary of The United Group. The executives at United Legacy Bank have operated and managed community banks in metro Orlando for over 35 years. United Legacy has locations in the Winter Park, College Park, Oviedo-UCF, Longwood-South Seminole and Osceola County markets. Over the years they have operated as “The Bank that belongs to Central Florida.” United Legacy focuses on combining the longstanding relationship driven service provided by community banks with state of the art online banking products. For more information, visit our website atwww.unitedlegacybank.com, or on Facebook.
Richard Murray, IV
President & Chief Executive Officer
National Bank of Commerce
Chairman, President & CEO
The United Group & United Legacy Bank