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UCBI > SEC Filings for UCBI > Form 8-K on 28-Jun-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Other Events, Financial St

Item 1.01 Entry into a Material Definitive Agreement.

In connection with the Transaction described under Item 8.01 of this Current Report on Form 8-K, United Community Bank (the "Bank"), a wholly owned subsidiary of United Community Banks, Inc. (the "Company"), entered into the Purchase Agreements described below.

Item 8.01 Other Events.

On June 26, 2013, the Company announced the completion of an accelerated disposition of classified assets during the second quarter of 2013 with a carrying amount of approximately $171 million and the reversal of approximately $266 million of its deferred tax asset valuation allowance (the "DTA Reversal"). The classified assets sold during the quarter included $131 million of performing classified loans, non-performing loans and foreclosed properties sold in a bulk sale for an aggregate purchase price of approximately $81 million (the "Transaction"). The Bank entered into three substantially similar Asset Purchase and Sale Agreements (the "Purchase Agreements") with Great Oak Pool I LLC, a Delaware limited liability company, in connection with the Transaction.

On June 26, 2013, the Company issued a press release related to the disposition of classified assets and the DTA Reversal referred to in this Current Report on Form 8-K. The full text of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

No. Description

99.1 Press Release, dated June 26, 2013.

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