United Community Banks, Inc. Announces an Updated Share Repurchase Program

Rhea-AI Summary

United Community Banks, Inc. (UCBI) announced a share repurchase program of up to $50 million, authorized by its Board of Directors. This program allows the bank to repurchase shares in open market transactions or privately negotiated deals until December 31, 2022. The company indicated that the timing and number of shares repurchased will depend on market conditions and stock price. With $20.2 billion in assets and numerous accolades for customer satisfaction, United aims to enhance shareholder value through this strategic decision.

Positive

• Share repurchase program of up to $50 million may enhance shareholder value.
• Company has robust assets of $20.2 billion, indicating strong financial health.

Negative

• None.

GREENVILLE, S.C., Nov. 18, 2021 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ: UCBI) (United) announced that the Board of Directors authorized a share repurchase program of up to $50 million of United’s outstanding common shares and extended the expiration to December 31, 2022. 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.

About United Community Banks, Inc.

United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. United has $20.2 billion in assets and 171 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee along with a national SBA lending franchise and a national equipment lending subsidiary. In 2021, J.D. Power ranked United highest in customer satisfaction with retail banking in the Southeast, marking seven out of the last eight years United earned the coveted award. United was also named one of the "Best Banks to Work For" by American Banker in 2021 for the fifth year in a row based on employee satisfaction. Forbes included United in its inaugural list of the World’s Best Banks in 2019 and again in 2020. Forbes also recognized United on its 2021 list of the 100 Best Banks in America for the eighth consecutive year. United also received five Greenwich Excellence Awards in 2020 for excellence in Small Business Banking, including a national award for Overall Satisfaction. Additional information about United can be found at www.ucbi.com.

For more information:

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

FAQ

What is the share repurchase amount announced by UCBI?

United Community Banks, Inc. announced a share repurchase program of up to $50 million.

When does UCBI's share repurchase program expire?

The expiration date for UCBI's share repurchase program is December 31, 2022.

What factors will influence UCBI's share repurchase timing?

The timing and number of shares repurchased will depend on market conditions and UCBI's stock price.

How might the share buyback impact UCBI stock price?

The share buyback program is expected to enhance shareholder value, potentially impacting UCBI's stock price positively.