Key Developments For United Community Banks, Inc.
United Community Banks, Inc. (UCBI.O) (Nasdaq)
United Community Banks, Inc. Closes $222.5 Million Public Offering of Common Stock
United Community Banks, Inc. announced that it has closed the sale of 44,505,000 shares of common stock at $5.00 per share, including 5,805,000 shares sold pursuant to the over-allotment option to purchase additional shares in connection with its previously announced underwritten public offering. The offering was originally for $175 million, but with strong demand and the exercise of the over-allotment option, the sale successfully concluded with total gross proceeds of $222.5 million. Sandler O'Neill + Partners, L.P. and SunTrust Robinson Humphrey served as joint book-running managers for the offering and Raymond James served as co-manager. The Company received net proceeds of approximately $210.9 million from the offering after deducting underwriting discounts and expenses. The net proceeds qualify as tangible common equity and will be used to provide capital support to United's subsidiary bank and for general corporate purposes.
United Community Banks, Inc. Announces Pricing Of Public Common Stock Offering
United Community Banks, Inc. announced that it has priced a public offering of 38,700,000 shares of common stock at $5.00 per share for gross proceeds of $193.5 million. The Company expects to close the sale of the shares of common stock on or about September 30, 2009, subject to customary closing conditions. Sandler O'Neill + Partners, L.P. and SunTrust Robinson Humphrey are serving as joint book-running managers for the offering. The underwriters will have a 30-day option to purchase up to an additional 5,805,000 shares of common stock from the Company at the offering price to cover over-allotments, if any.
United Community Banks, Inc. Announces $175 Million Public Common Stock Offering
United Community Banks, Inc. announced that it will commence an underwritten public offering of approximately $175 million of its common stock. The net proceeds from the offering will be used to provide capital to support its subsidiary bank and for general corporate purposes, which will position United to take advantage of strategic business opportunities. United expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered to cover any over allotments.
United Community Banks, Inc. Declares Quarterly Stock Dividend
United Community Banks, Inc. announced that its Board of Directors has declared a regular quarterly dividend that will be paid in shares of common stock on October 1, 2009, to shareholders of record as of September 10, 2009. Each shareholder will receive one new share of common stock for every 130 shares held on September 10, 2009.
United Community Banks, Inc. Announces Acquisition of Southern Community Bank
United Community Banks, Inc. announced that its wholly owned subsidiary, United Community Bank, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase the assets and assume the deposit liabilities and secured wholesale borrowings of Southern Community Bank. The FDIC then assigned the assets, deposit liabilities and secured wholesale borrowings of Southern Community Bank to United Community Bank under a loss sharing agreement. The agreement covers only the assets and liabilities of Southern Community Bank. Assets, liabilities and common stock of Southern Community Bank's former parent company, Southern Community Bancshares, Inc., have not been purchased or assumed by United Community Bank or United Community Banks, Inc. Terms of the deal were not disclosed.
