United Community Banks Inc. has completed a merger agreement to acquire First Miami Bancorp Inc. and its subsidiary First National Bank of South Miami. It will acquire all of its stocks, valued at $115.9 million at $1,330 per share, and First Miami shareholders will receive a cash dividend from net proceeds of the sale, according to a press release.

First Miami shareholders will receive 40.2685 shares of United common stock for each share of First Miami common stock. As of Dec. 31, First Miami had total assets of $1 billion

"We are extremely pleased to join forces with FNBSM to expand our presence in Miami. I know firsthand the strength and vibrancy of the Miami market from my past career experience. I look forward to working with the leadership team of FNBSM to continue to grow in one of the most attractive metropolitan areas in the country," Lynn Harton, chairman and CEO of United, said in the release.

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