United Community Banks, Inc. to Temporarily Suspend Stock Dividend
BLAIRSVILLE, GA, Dec 29, 2009 (MARKETWIRE via COMTEX News Network) -- United Community Banks, Inc. (NASDAQ: UCBI) announces that its Board of Directors has voted to temporarily suspend the company's common stock dividend.
"We recognize the importance our stock dividend is to many of our shareholders," said Jimmy Tallent, United's president and chief executive officer. "Yet we believe the best way for every shareholder to benefit is to avoid further dilution and continue to position the company for future earnings growth and enhance our liquidity during this period of heightened economic and financial market volatility."
About United Community Banks, Inc.
Headquartered in Blairsville, United Community Banks is the third-largest bank holding company in Georgia. United Community Banks has assets of $8.4 billion and operates 27 community banks with 107 banking offices located throughout north Georgia, the Atlanta region, coastal Georgia, western North Carolina and east Tennessee. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses. United Community Banks also offers the convenience of 24-hour access through a network of ATMs, telephone and on-line banking. United Community Banks common stock is listed on the Nasdaq Global Select Market under the symbol UCBI. Additional information may be found at the company's web site at www.ucbi.com.
For more information: Rex S. Schuette Chief Financial Officer 706-781-2265 Email Contact
SOURCE: United Community Banks, Inc.
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