United Community Banks of Blairsville said Tuesday it has completed a previously announced sale of $266 million in soured loans as part of its turnaround plan.
The loan sale follows a massive stock sale last month and the company’s recent disposal of $143 million in foreclosed real estate.
In March, United raised $380 million through a sale of stock to a group of investors, including New York-based Corsair Capital. United is expected to take a $140 million to $155 million charge related to the asset sales.
United is the third-largest bank based in Georgia. It reports first quarter earnings April 28.
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