United Community Banks, Inc. Announces Quarterly Cash Dividends on Common and Preferred Stock and Share Repurchase Program
November 05 2020 - 4:30PM
United Community Banks, Inc. (NASDAQ: UCBI) (“United”), reported
that its Board of Directors approved a quarterly cash dividend of
$0.18 per share on the Company’s common stock. The
dividend is payable January 5, 2021 to shareholders of record as of
December 15, 2020.
The Board of Directors also approved a quarterly
cash dividend of $429.6875 per share (equivalent to $0.4296875 per
depositary share or 1/1000th interest per share) on the Company’s
6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NASDAQ:
UCBIO). The dividend is payable December 15, 2020 to shareholders
of record on November 30, 2020.
In addition, the Board of Directors authorized
an increase in the Company’s share repurchase program to $50
million of its outstanding common shares and extended the
expiration of the authorization to December 31, 2021. The shares
may be repurchased periodically in open market transactions at
prevailing market prices, in privately negotiated transactions, or
by other means in accordance with federal securities laws, and the
program may be modified, suspended or discontinued at any time
without notice. The actual timing, number and value of shares
repurchased under the program will be determined by management at
its discretion and will depend on a number of factors, including
the market price of United’s stock, general market and economic
conditions, and applicable legal requirements.
About United Community Banks, Inc.United
Community Banks, Inc. (NASDAQ: UCBI) (United) is a bank holding
company headquartered in Blairsville, Georgia, with executive
offices in Greenville, South Carolina. United is one of the largest
full-service financial institutions in the Southeast, with $17.2
billion in assets, and 163 offices in Florida, Georgia, North
Carolina, South Carolina and Tennessee. United Community Bank,
United’s wholly-owned bank subsidiary, specializes in personalized
community banking services for individuals, small businesses and
companies throughout its geographic footprint, including Florida
under the brand Seaside Bank and Trust. Services include a full
range of consumer and commercial banking products, including
mortgage, advisory, treasury management, and wealth management.
Respected national research firms consistently recognize United for
outstanding customer service. In 2020, J.D. Power ranked United
highest in customer satisfaction with retail banking in the
Southeast, marking six out of the last seven years United earned
the coveted award. United was also named "Best Banks to Work For"
by American Banker in 2020 for the fourth year in a row based on
employee satisfaction. Forbes included United in its inaugural list
of the World’s Best Banks in 2019 and again in 2020. Forbes also
recognized United on its 2020 list of the 100 Best Banks in America
for the seventh consecutive year. United also received five
Greenwich Excellence Awards in 2019 for excellence in Small
Business Banking and Middle Market Banking, including a national
award for Overall Satisfaction in Small Business Banking.
Additional information about United can be found at
www.ucbi.com.
For more information:Jefferson
HarralsonChief Financial Officer(864)
240-6208Jefferson_Harralson@ucbi.com
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