United Community to repurchase up to $25 million 6.875% preferreds

By William Gullotti

Buffalo, N.Y., June 14 – The board of directors of United Community Banks, Inc. approved a program to repurchase up to $25 million of its outstanding $25-par series I non-cumulative preferred stock, according to an 8-K filing with the Securities and Exchange Commission on Wednesday.

The buybacks may occur directly or through the repurchase of depositary shares representing 1/1000th of a share. In each case, the repurchases may occur from time to time on the open market, in privately negotiated transactions or in any other manner that complies with SEC regulations.

The company issued $100 million of the preferreds with a dividend of 6.875% at par on June 10, 2020.

The preferreds are listed on the Nasdaq Exchange under the symbol “UCBIO.”

United Community Banks is a Blairsville, Ga.-based bank holding company.

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