July [•], 2015The Agreement and Plan of Merger • July 8th, 2015 • United Community Banks Inc • State commercial banks
In connection with the proposed merger of Palmetto Bancshares, Inc. (“Palmetto”) with and into United Community Banks, Inc. (“United”), we are pleased to offer you the opportunity to indicate your preference as to the form of consideration you will receive for your shares of Palmetto common stock. Subject to the proration provisions of the merger agreement described below (which may result in adjustments to your election), you have the right to elect to receive, for each share of Palmetto common stock that you own, either 0.97 shares of United common stock, with cash paid in lieu of fractional share interests (the “stock consideration”), or $19.25 in cash (the “cash consideration”). You may specify different elections with respect to different shares that you hold (if, for example, you hold l00 shares of Palmetto common stock, you can make a stock election with respect to 50 shares and a cash election with respect to 50 shares). For the stock consideration, the amount of cash to be pai
