United Community Banks closes common stock offering

Fri. October 02, 2009; Posted: 05:01 AM

Oct 02, 2009 (Datamonitor via COMTEX) -- UNCM | Quote | Chart | News | PowerRating -- US-based United Community Banks has closed the sale of 44.5 million shares of common stock at $5 per share, including 5.8 million shares sold pursuant to the over-allotment option to purchase additional shares in connection with its underwritten public offering.

United Community said that the offering was originally for $175 million, but with strong demand and the exercise of the over-allotment option, the sale concluded with total gross proceeds of $222.5 million.

Sandler O'Neill + Partners 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.

Jimmy Tallent, president and CEO, said: "The stock sale boosts the company's already strong capital position. The response says a great deal about investor confidence in United's long-term track record and opportunities ahead. It also is a tribute to our franchise and the hard work of 1,850 employees who have maintained outstanding service and customer satisfaction."

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