United Community Banks Inc. (NASDAQ: UCBI) shares soared more than 27% to trade at $1.19 in late-day trading. The company yesterday announced that it would be selling 22.5% of its capital. The deal is likely to be worth $380 million. The stake will be bought by the banking company�s major investors.
Private equity firm Corsair Capital LLC is the anchor investor in the deal. Corsair Capital is a financial services focused private equity group. It will also be offloading $435 million in bad assets. The banking company is looking to shore up its balance sheet by eliminating toxic assets. United Community Banks is the third biggest bank based out of Georgia.
United Community Banks is a bank holding company. It provides corporate and retail banking services. The company offers various services such as interest bearing deposits, non interest bearing deposits and money market accounts. It also provides time deposits and checking accounts.� United Community Banks� other services include construction loans, brokerage services and wire transfers. The company is also involved in the brokerage business. As on December 31, 2009, the company had 107 locations under its aegis. The company was formed in 1950 and is based out of Georgia.
United Community Banks stock opened at $1.89 and touched the high of $2.03. The stock�s lowest price in today�s session is $1.85. The company stock�s EPS is ($3.77). The company stock has traded in the range of $1.10 and $6.20 during the past 52 weeks. The company�s market cap is $183.69 million and its beta is 1.14.
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