Lynn Harton was finally named CEO of United Community Bank after a five-year apprenticeship, though Jimmy Tallent remains CEO of the parent company. The executives have long touted an ability to bounce ideas off each other as a reason for United's success.
The company agreed to pay $162 million to buy First South Bancorp in Washington, N.C. It is the fifth time this year that a bank in North Carolina has agreed to sell to a buyer from another state.
The Georgia company invested in HCSB Financial's recapitalization a year before agreeing to buy the coastal South Carolina bank. Doing so allowed United to stay to close to HCSB and its board, which helped when the time came to discuss a deal.
The founders of the South Carolina bank, which liquidated after lavish spending and losses depleted its capital, paid a total of $57,000 in fines and face restrictions on future employment.
