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United Community Banks (NYSE: UCB) has announced a merger agreement to acquire ANB Holdings and its subsidiary, American National Bank, in an all-stock transaction valued at approximately $80 million. ANB Bank, headquartered in Oakland Park, Florida, reported total assets of $439 million, loans of $322 million, and deposits of $374 million as of September 30, 2024. The merger will strengthen UCB's presence in the greater Miami market following their 2023 acquisition of First National Bank of South Miami. The transaction is expected to be accretive to UCB's earnings by $0.04 per share in 2026 and is anticipated to close in Q2 2025, subject to regulatory and shareholder approvals.
United Community Banks (NYSE: UCB) has announced its quarterly cash dividend payments. The Board approved a $0.24 per share dividend on common stock, payable January 6, 2025, to shareholders of record as of December 16, 2024. Additionally, a $429.6875 per share dividend was approved on the 6.875% Non-Cumulative Perpetual Preferred Stock, Series I, payable December 16, 2024, to shareholders of record on November 29, 2024. The company reports $27.4 billion in assets and operates 202 offices across six states, with notable recognition including J.D. Power awards and American Banker's 'Best Banks to Work For' distinction.
United Community has been named one of the Best Banks to Work For in 2024 by American Banker and Best Companies Group, marking its eighth consecutive year on the list. The bank, one of only three with assets exceeding $25 billion, earned recognition for its employee satisfaction and benefits package.
Notable initiatives include the expanded Power of U council for employee-management collaboration, sick time donation program, volunteer time off, and an internal assistance fund that recently aided employees affected by Hurricane Helene. The bank also features URock, an internal recognition platform, and offers an extra 'holiyay' for personal celebrations.
United Community Banks (NYSE: UCB) reported Q3 2024 net income of $47.3 million and pre-tax, pre-provision income of $74.2 million. Diluted EPS was $0.38, down 3% year-over-year. The results were impacted by a strategic sale of $318 million in manufactured housing loans, resulting in a $21.4 million after-tax loss. Operating EPS was $0.57, up 27% from Q3 2023. Customer deposits grew by $262 million. The company maintained a net interest margin of 3.33% and reported net charge-offs of $23.7 million. The quarter included a $9.9 million Hurricane Helene-related loan loss provision.
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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