United Community Banks To Sell $175M In Stock

Law360, New York (September 23, 2009, 12:33 PM EDT) -- Georgia-based bank holding company United Community Banks Inc. announced plans Wednesday to sell $175 million in stock to help bolster its balance sheet, which has suffered from a weak real estate market.

The Blairsville, Ga.-based company said the net proceeds from the offering would be used to provide capital to support general corporate purposes and its subsidiary bank, which is being examined by the Federal Deposit Insurance Corp., according to a regulatory filing.

United said although it was categorized as of June 30 as “well-capitalized” under...
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