BLAIRSVILLE, GA, Jan 05 (MARKET WIRE) --
United Community Banks, Inc. (NASDAQ: UCBI) announced today an updated
outlook on credit quality for the fourth quarter of 2008.
United expects its fourth quarter loan loss provision and charge-offs to
remain at elevated levels due to continued credit deterioration and
current economic conditions, particularly in the residential construction
portfolio in the Atlanta market. United also expects to increase its loan
loss reserve for the quarter. The estimate for the fourth quarter loan
loss provision is $85 million, with an expected $74 million in
charge-offs and an $11 million build-up in the allowance for loan losses
to 2.14% of total loans.
United plans to release fourth quarter 2008 financial results on January
23, 2009, before the stock market opens. The company will hold a
conference call at 11:00 a.m. ET on the same day to discuss its financial
results, business highlights and outlook. To access the call dial
877-723-9518 and use the password 'UCBI.' The conference call will also
be webcast and can be accessed by selecting 'Calendar of Events' within
the Investor Relations section of the company's website, www.ucbi.com.
About United Community Banks, Inc.
Headquartered in Blairsville, United Community Banks is the third-largest
bank holding company in Georgia. United Community Banks has assets of $8.3
billion and operates 27 community banks with 108 banking offices located
throughout north Georgia, the Atlanta region, coastal Georgia, western
North Carolina and east Tennessee. The company specializes in providing
personalized community banking services to individuals and small- to
mid-size businesses. United Community Banks also offers the convenience of
24-hour access through a network of ATMs, telephone and on-line banking.
United Community Banks common stock is listed on the Nasdaq Global Select
Market under the symbol UCBI. Additional information may be found at the
company's web site at www.ucbi.com.
Safe Harbor
This news release contains forward-looking statements, as defined by
Federal Securities Laws, including statements about financial outlook and
business environment. These statements are provided to assist in the
understanding of future financial performance and such performance
involves risks and uncertainties that may cause actual results to differ
materially from those in such statements. Any such statements are based
on current expectations and involve a number of risks and uncertainties.
For a discussion of some factors that may cause such forward-looking
statements to differ materially from actual results, please refer to the
section entitled "Forward-Looking Statements" on page 4 of United
Community Banks, Inc.'s annual report filed on Form 10-K with the
Securities and Exchange Commission.
For more information:
Rex S. Schuette
Chief Financial Officer
(706) 781-2266
Email Contact
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