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United Community Banks, Inc. (UCB) has appointed Sally Pope Davis to its Board of Directors. Davis, a recently retired managing director from Goldman Sachs, brings 35 years of experience in the financial sector. At Goldman Sachs Asset Management, she co-led one of the largest small-cap value funds and specialized in investments across banking, insurance, capital markets, and specialty finance. Davis's career includes roles at Chase Manhattan Bank and Brown Brothers Harriman. She currently serves on the boards of First Financial Bankshares and Core Specialty Insurance Holdings, Inc. UCB's Chairman and CEO, Lynn Harton, praised Davis's expertise in the U.S. banking industry, highlighting her potential contribution to the company's future success.
United Community Banks, Inc. (NYSE: UCB) has closed the sale of its manufactured housing loan portfolio, valued at $318.2 million, to 21st Mortgage This portfolio, acquired from Reliant Bancorp in 2022, had been in runoff since Q3 2023. The sale is expected to have an $0.18 per share impact on third quarter results but is slightly accretive to regulatory capital ratios. While representing only 2% of loans, the portfolio accounted for 11% of YTD net charge-offs and 18% of non-performing assets. United's CEO, Lynn Harton, stated that this move reduces the bank's risk profile and removes a management distraction.
United Community Banks, Inc. (NYSE: UCB) announced a 4% increase in its quarterly cash dividend to $0.24 per share on common stock, payable on October 4, 2024, to shareholders recorded by September 16, 2024. The Board also enhanced its share repurchase program, now authorizing up to $100 million for share buybacks, with authorization extended to December 31, 2025. Shares can be repurchased through various methods based on market conditions and legal requirements, and the program is flexible to adjustments.
Additionally, the Board approved a quarterly cash dividend of $429.6875 per share on its 6.875% Non-Cumulative Perpetual Preferred Stock, Series I, payable on September 16, 2024, to shareholders of record on August 30, 2024. As of June 30, 2024, United Community Banks had $27.1 billion in assets and operated 203 offices across several states. The company has received numerous accolades for customer satisfaction and workplace excellence.
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