United Community Banks, Inc. Announces Increased Quarterly Cash Dividend and Larger Share Repurchase Program on Common Stock and Declares Preferred Stock Dividend

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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.

GREENVILLE, S.C., Aug. 15, 2024 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NYSE: UCB) (“United”, the “Company”), reported that its Board of Directors approved a 4% quarterly cash dividend increase to $0.24 per share on the Company’s common stock. The dividend is payable October 4, 2024 to shareholders of record as of September 16, 2024.

The Board of Directors authorized an increase in the Company’s share repurchase program to $100 million of its outstanding common shares and extended the expiration of the authorization to December 31, 2025. The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws, and the program may be modified, suspended, or discontinued at any time without notice. The actual timing, number, and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of United’s stock, general market and economic conditions, and applicable legal requirements.

The Board of Directors also approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NYSE: UCB PRI). The dividend is payable September 16, 2024 to shareholders of record on August 30, 2024.

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of June 30, 2024, United Community Banks, Inc. had $27.1 billion in assets, 203 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2023, United was named by American Banker as one of the “Best Banks to Work For” for the seventh consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

FAQ

What is the new quarterly cash dividend for United Community Banks (UCB) common stock?

The new quarterly cash dividend for United Community Banks (UCB) common stock is $0.24 per share.

When is the dividend payable for United Community Banks (UCB) common stock?

The dividend for United Community Banks (UCB) common stock is payable on October 4, 2024, to shareholders of record on September 16, 2024.

How much has United Community Banks (UCB) authorized for its share repurchase program?

United Community Banks (UCB) has authorized up to $100 million for its share repurchase program.

When does the share repurchase authorization for United Community Banks (UCB) expire?

The share repurchase authorization for United Community Banks (UCB) expires on December 31, 2025.

What is the quarterly dividend for United Community Banks (UCB) preferred stock?

The quarterly cash dividend for United Community Banks (UCB) 6.875% Non-Cumulative Perpetual Preferred Stock, Series I is $429.6875 per share.

When is the dividend payable for United Community Banks (UCB) preferred stock?

The dividend for United Community Banks (UCB) preferred stock is payable on September 16, 2024, to shareholders of record on August 30, 2024.

What are the assets of United Community Banks (UCB) as of June 30, 2024?

As of June 30, 2024, United Community Banks (UCB) had $27.1 billion in assets.