On Friday, Aug. 21, United Bank announced it entered into a purchase and assumption agreement with the FDIC to assume all deposits and approximately $155 million in assets of First Coweta Bank based in Newnan. United Bank purchased both insured and uninsured deposits, and therefore all First Coweta Bank depositor accounts will be honored in full. All former First Coweta Bank locations will open as normal on Saturday, Aug. 22, at their regular times and customers will be able to conduct business as usual.
At the time of the transaction, First Coweta Bank had approximately $167 million in deposits and operated two banking locations in Newnan as well as locations in Whitesburg and Hogansville. With the acquisition, United Bank will operate twenty-two banking locations in eleven contiguous counties on the western, southern and eastern sides of metro Atlanta. The combined institution will have more than $940 million in assets, $82 million in capital and employ over 350 people. First Coweta is the second financial institution United Bank has assumed from the FDIC in the last year after assuming First Georgia Community Bank in Jackson in December 2008.
United Bank traces its roots back over 100 years to its founding as The Bank of Zebulon in 1905. The Bank was one of the first financial institutions in the country to receive deposit insurance from the FDIC in 1935. Throughout the years the bank has steadily focused on operating as a conservative community bank while offering innovative services to its customers such as its Customer Contact Center, which offers live customer service from 7 a.m. to 11 p.m. six days per week. In addition to offering a wide variety of traditional personal and business loan and deposit products, United Bank is one of the largest permanent mortgage originators in the markets it serves and also offers a full service trust and investment division. United Bank believes in the incentive of ownership among its employees and has had a profit sharing plan since 1972. This strengthens capital over time and encourages employees to build long lasting relationships with customers and the communities the Bank serves. Nearly 90 percent of the company is owned by its employees, directors and their families.
Commenting on the acquisition, United Bank Chairman John Edwards said, "We are extremely pleased to be able to expand into Newnan, Whitesburg and Hogansville. We welcome First Coweta Bank’s customers and employees to United Bank, and we promise to make the transition as easy and seamless as possible. We look forward to becoming as involved in these new communities as we have always been in the other communities we have served for years."
For more information about United Bank, customers are encouraged to view the Bank’s Web site at www.accessunited.com or call our Contact Center at (770) 567-7211.