UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||
FORM 8-K | ||||
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
Date of Report (Date of earliest event reported): November 8, 2018 | ||||
UNITED COMMUNITY BANKS, INC. | ||||
(Exact name of registrant as specified in its charter) | ||||
Georgia | No. 001-35095 | No. 58-180-7304 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS Employer Identification No.) | ||
125 Highway 515 East Blairsville, Georgia 30512 | ||||
(Address of principal executive offices) | ||||
Registrant's telephone number, including area code: | ||||
(864) 240-6208 | ||||
Not applicable | ||||
(Former name or former address, if changed since last report) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 | Other Events |
On November 8, 2018, United Community Banks, Inc. (the “Company”) issued a press release announcing that its Board of Directors approved an increase of its regular quarterly cash dividend to $0.16 per common share. The dividend is payable January 7, 2019 to shareholders of record on December 15, 2018. The Company also announced its Board of Directors has authorized up to $50 million of the Company’s outstanding common stock in its stock repurchase program which may be repurchased through December 31, 2019.
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 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. Repurchased shares will become treasury shares and may be utilized for general corporate purposes.
A copy of the Company press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
UNITED COMMUNITY BANKS, INC. | ||||
By: | /s/ Jefferson L. Harralson | |||
Jefferson L. Harralson | ||||
Executive Vice President and | ||||
Chief Financial Officer | ||||
Date: November 9, 2018
Exhibit 99.1
For Immediate Release
For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com
UNITED COMMUNITY BANKS, INC. ANNOUNCES
QUARTERLY CASH DIVIDEND INCREASE AND A SHARE REPURCHASE PROGRAM INCREASE
QUARTERLY CASH DIVIDEND INCREASE AND A SHARE REPURCHASE PROGRAM INCREASE
BLAIRSVILLE, GA, November 8, 2018 – United Community Banks, Inc. (NASDAQ: UCBI) (“United”), reported that its Board of Directors approved an increase of its regular quarterly cash dividend to $0.16 per common share. The dividend is payable January 7, 2019 to shareholders of record on December 15, 2018. This represents the 5th such increase in the dividend over the past eight quarters and a 60% increase over the quarterly dividend a year ago.
The Board of Directors also authorized an increase in the Company’s repurchase program to $50 million of its outstanding common shares that may be acquired through December 31, 2019. 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 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. Repurchased shares will become treasury shares and may be utilized for general corporate purposes.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) is a bank holding company headquartered in Blairsville, Georgia with $12.4 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the southeast region’s largest full-service banks, operating 150 offices in Georgia, North Carolina, South Carolina and Tennessee at the end of the most recent quarter. The bank specializes in personalized community banking services for individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products including mortgage, advisory, and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For the last five years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2018, for the fifth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com.