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