United Community sells soured loans
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.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
