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.
Overview
United Community Banks Inc. (UCBI), recognized as the bank that service built, is a community-focused financial institution with a legacy of exceptional customer service since 1950. Emphasizing community banking, personal banking, and risk management, UCBI provides a robust suite of financial solutions designed to meet the needs of both individual and business clients. With a deep commitment to service excellence and customer satisfaction, the institution has built a reputation for reliability and tailored financial expertise.
History and Community Focus
From its inception, UCBI has adhered to a philosophy of delivering platinum-level service, creating a foundation of trust and long-lasting relationships with community members. This historical commitment to enhancing residents' lives has positioned UCBI as a trusted partner in regional development and financial well-being. The bank’s longstanding tradition of service highlights its dedication to the communities it serves.
Core Services and Operations
UCBI offers a comprehensive range of financial services that include personal banking, mortgage solutions, small business administration loans, and sophisticated risk management tools. Each service is meticulously designed to address the evolving needs of its diverse clientele. This customer-centric approach ensures that both individuals and businesses receive personalized support, whether they are managing day-to-day finances or planning long-term investments.
Market Position and Competitive Landscape
Operating as one of the strongest and most secure banks in the Southeastern United States, UCBI has strategically positioned itself in a competitive market. With an extensive branch network across multiple states, including Georgia, North Carolina, Tennessee, and South Carolina, the bank effectively meets the regional demand for reliable financial services. Its emphasis on exceptional customer service and consistent operational performance distinguishes it from other financial institutions in the area.
Expertise and Business Model
UCBI's business model is anchored in decades of financial expertise and an unwavering commitment to customer satisfaction. By integrating thorough risk management practices with personalized banking solutions, the bank achieves operational excellence while addressing the specific needs of its clients. This balanced approach not only reinforces the institution's reputation for security and stability but also demonstrates its capability to provide strategic financial insights.
Customer and Community Impact
At the core of UCBI's strategy is a commitment to enhancing the quality of life for the communities it serves. The bank actively fosters strong relationships by prioritizing transparent communication, reliability, and a tailored approach to financial service. This focus on community impact is evident in every aspect of its operations, marking UCBI as a cornerstone in regional banking.
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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