United Community Banks To Record Q4 Charge On FDIC Special Assessment, Bond Portfolio Restructuring

(RTTNews) - United Community Banks, Inc. (UCBI) said it expects a fourth-quarter net pre-tax charge of approximately $62 million, or $0.41 per share. The charge is attributable to: an estimated pre-tax charge of approximately $10 million, or $0.07 per share, from an FDIC special assessment; and a securities loss transaction resulting in a pre-tax loss of approximately $52 million or $0.34 per share, on the sale of $316 million of bonds classified as available for sale.

United Community Banks, Inc. is the financial holding company for United Community. United Community provides a full range of banking, wealth management, and mortgage services.