United Community Banks To Sell 22.5% to Corsair Capital
United Community Banks said late Thursday that it is raising $380 million in capital. Corsair Capital and its LPs are buying 22.5% of United Community's outstanding voting and non-voting common stock. The Blairsville, Ga.-based bank is also selling $435 million of classified assets, which includes approximately $293 million of substandard and nonperforming loans and roughly $142 million of foreclosed properties. Sandler O'Neill + Partners and J.P. Morgan Securities acted as financial advisors on the private placement.
17 March 2011•6 mins read
