United Community Banks sold 44,505,000 shares of common stock at $5 a share, netting, after commission, just over $210 million. The bank, which has experienced heavy losses, will use the new money to boost `the company`s already strong capital position.`

United is the third largest bank in Georgia, but has lost over $100 million so far in 2009. It is projecting losses somewhere between $30 and $50 billion in the third quarter.

Coosa Valley News

 

 

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