BRIEF-United Community Banks To Sell Equipment Finance Business To Wafra For $1.9 billion

United Community Banks, Inc.

United Community Banks, Inc.

UCB

0.00

June 12 (Reuters) - United Community Banks Inc UCB.N:

  • UNITED COMMUNITY BANKS, INC. ANNOUNCES AGREEMENT TO SELL EQUIPMENT FINANCE BUSINESS, CONSISTING OF NAVITAS CREDIT CORP. AND NLFC REINSURANCE CORP., TO FUNDS MANAGED BY WAFRA INC.

  • UNITED COMMUNITY BANKS - TO SELL EQUIPMENT FINANCE BUSINESS TO WAFRA FOR $1.9 BILLION IN CASH

  • UNITED COMMUNITY BANKS - DEAL TO RESULT IN $109 MILLION ONE-TIME PRE-TAX EARNINGS BENEFIT AND 3% TANGIBLE BOOK VALUE ACCRETION

  • UNITED COMMUNITY BANKS - DEAL EXPECTED TO GENERATE 145 BASIS POINTS OF CET1 CAPITAL

  • UNITED COMMUNITY BANKS - EQUIPMENT FINANCE BUSINESS ACCOUNTS FOR 10% OF LOANS, 50% OF NET CHARGE-OFFS FOR LAST TWELVE MONTHS

  • UNITED COMMUNITY BANKS - NAVITAS EXECUTIVE TEAM AND EMPLOYEES TO REMAIN AFTER SALE TO WAFRA

  • UNITED COMMUNITY BANKS: EXPECTS IMPACT ON EPS TO BE OFFSET AS EXCESS CAPITAL IS DEPLOYED OVER TIME, WHILE LOWERING RISK PROFILE OF FRANCHISE

Source text: ID:nGNX5LwcMY

Further company coverage: UCB.N


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