Welcome to our dedicated page for United Community Banks news (Ticker: UCBI), a resource for investors and traders seeking the latest updates and insights on United Community Banks stock.
United Community Banks Inc. (UCBI) is a prominent bank holding company headquartered in Blairsville, Georgia. Known as the Bank that Service Built℠, United Community Banks Inc. has been dedicated to providing exceptional banking services since its inception in 1950. With a focus on platinum-level customer service, the company has earned an impressive 96% customer satisfaction rating, the highest in the U.S. banking industry.
The company operates more than 100 locations across Georgia, North Carolina, Tennessee, and South Carolina, making it the third-largest traditional bank holding company in Georgia. United Community Banks Inc. functions primarily through its wholly-owned subsidiary, Union Community Bank, which manages a network of community-focused banks. These banks offer a wide range of retail and corporate banking services, including checking, savings, and time deposit accounts, as well as secured and unsecured loans, wire transfers, brokerage services, and other financial solutions.
United Community Banks Inc. prides itself on its well-diversified loan portfolio, which is predominantly commercial. The company has achieved growth through a combination of organic expansion and selective acquisitions. This growth strategy has enabled United Community Banks Inc. to maintain its commitment to improving the lives of residents in the communities it serves.
Recent achievements and current projects include a partnership with Strata Clean Energy, showcasing the company's commitment to innovation and sustainable growth. United Community Banks Inc. continues to focus on delivering valuable products and services, ranging from personal banking and mortgage services to small business administration loans and risk-management solutions, tailored to meet the needs of its diverse customer base.
For investors and stakeholders, staying updated with the latest performance, events, and developments of United Community Banks Inc. is crucial for informed decision-making. The company's strong financial condition and strategic growth initiatives position it as a secure and reliable banking partner in the southeastern United States.
United Community Banks, Inc. (UCBI) has announced its decision to transfer the listing of its common stock and Depositary Shares from Nasdaq to the New York Stock Exchange (NYSE). The transition is set to take effect on August 6, 2024, with trading commencing at market open under new ticker symbols: 'UCB' for common stock and 'UCB PRI' for depositary shares.
CEO Lynn Harton expressed excitement about the move, citing the potential for greater visibility for the company and its shareholders. The company plans to celebrate this milestone by ringing The Opening Bell with its Board of Directors later in August. Chris Taylor, VP of Global Head of Listings and Services at NYSE Group, welcomed United Community Banks to the exchange, noting its fit among the NYSE's community of leading banks.
United Community Banks, Inc. (NASDAQ: UCBI) reported Q2 2024 net income of $66.6 million and pre-tax, pre-provision income of $98.2 million. Diluted EPS rose to $0.54, a 2% YoY increase. On an operating basis, EPS was $0.58, up 5% YoY. The rise was driven by higher net interest income and a lower provision for credit losses. Return on assets was 0.97% and return on equity was 7.53%.
Tangible common equity to tangible assets rose to 8.78%. Net interest margin increased by 17 basis points to 3.37%. Net charge-offs were $11.6 million or 0.26% of average loans. Nonperforming assets were 0.43% of total assets.
United plans to sell its investment in FinTrust Capital Advisors by Q3 2024 to focus on Private Banking, Retail, and Trust businesses. CEO Lynn Harton cited economic and election uncertainties affecting loan growth but expressed confidence in United’s strategic direction and shareholder value delivery.
United Community Banks (NASDAQ: UCBI) will release its second quarter 2024 financial results on Wednesday, July 24, 2024, before the stock market opens.
The company will also host a conference call on the same day at 11:00 a.m. EST to discuss its financial performance, business highlights, and future outlook.
Interested participants can pre-register for the call at https://dpregister.com/sreg/10190532/fcfa86e478 or dial in by calling 1-866-777-2509. It is recommended to join 15 minutes prior to the start time. The conference call will also be webcast and accessible via the 'Events and Presentations' section under 'News and Events' on the company's website, ucbi.com.
United Community Banks, a leading financial institution, announced on May 16, 2024, a quarterly cash dividend of $0.23 per share for its common stockholders, payable on July 5, 2024, to shareholders recorded by June 15, 2023. Additionally, the board approved a quarterly cash dividend of $429.6875 per share for its 6.875% Non-Cumulative Perpetual Preferred Stock, Series I, corresponding to $0.4296875 per depositary share, payable on June 15, 2024, to shareholders of record on May 31, 2024. United Community Banks operates 205 offices across six southeastern U.S. states and has assets totaling $27.3 billion as of March 31, 2024. The bank has earned numerous accolades, including J.D. Power’s best customer satisfaction award for the Southeast region for the tenth time in 2024.
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