United Community Banks Announces Upsizing and Pricing of Subordinated Notes Offering

1/11/18

BLAIRSVILLE, Ga., Jan. 11, 2018 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (“United”), the holding company of United Community Bank, today announced the pricing of its underwritten public offering of $100,000,000 aggregate principal amount of 4.500% Fixed to Floating Rate Subordinated notes due January 30, 2028 (the “Notes”). Due to market demand, United increased the aggregate amount of the Notes to $100.0 million from the previously announced amount of $85.0 million. The Notes will initially bear interest at a rate of 4.500% per annum, payable semi-annually in arrears, with interest commencing on the issue date, to, but excluding, January 30, 2023, and, thereafter, payable quarterly in arrears at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 2.120%. The Notes have been offered to the public at par. The offering is expected to close on or about January 18, 2018, subject to the satisfaction of customary closing conditions.

Morgan Stanley & Co. LLC and Sandler O’Neill + Partners, L.P. are acting as joint book-running managers for the offering. Troutman Sanders LLP served as counsel to United in connection with the offering. Kilpatrick Townsend & Stockton LLP served as counsel to the underwriters.

About United Community Banks, Inc.

United Community Banks, Inc. (UCBI) is a bank holding company based in Blairsville, Georgia, with $11.9 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the Southeast’s largest full-service banks, operating 156 offices in Georgia, North Carolina, South Carolina and Tennessee. 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 a mortgage, advisory and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For the last four years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2017, for the fourth 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.

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