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United Community Banks said that 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 the company 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. Sandler O'Neill + Partners and SunTrust Robinson Humphrey will serve as joint bookrunning managers.
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