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United Community Banks Inc. completes HCSB Financial buy

Blairsville, Ga.-based United Community Banks Inc. completed its acquisition of Loris, S.C.-based HCSB Financial Corp., effective July 31.

On the same day, HCSB Financial unit Horry County State Bank also merged into United Community unit United Community Bank. Horry County State Bank will continue operating under its same name until after system conversion, which is expected to occur in November, when it will operate as United Community Bank.

Horry County State Bank has eight branches with $390 million in assets, $322 million in deposits and $233 million in loans. As of June 30, United Community Banks had $10.84 billion in assets, according to SNL data.

HCSB Financial shareholders approved the merger on July 27.