Financial Advisor
United Community Banks, Inc.
M&A Advisory
Has Sold Assets To
Transaction Details
- On September 3, 2024, United Community Banks, Inc. (NYSE: UCB) (“United”) announced the August 30th closing of the sale of substantially all of its manufactured housing loan portfolio, totaling $318.2 million, to 21st Mortgage Corporation, a division of Clayton Homes
- Exiting the business enables management to focus on core operations and to allocate capital to other growth opportunities
- Reduces United’s risk profile as these loans represent less than 2% of United’s total loans outstanding but account for 11% of United’s YTD net charge-offs
- Approximately neutral to projected earnings per share after reinvestment of proceeds and slightly accretive to risk-based capital ratios
About the company
About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of June 30, 2024, United Community Banks, Inc. had $27.1 billion in assets, 203 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary.
About 21st Mortgage Corporation
21st Mortgage Corporation opened its doors in 1995 with a staff of four. Today, the company has more than 1,000 team members. In December of 2003, Clayton Homes acquired 21st Mortgage. The company quickly became the nation’s largest manufactured home lender, owning and servicing more than 230,000 loans with a value exceeding $15 billion. 21st Mortgage has taken home the prestigious National Lender of the Year award, sponsored by the Manufactured Housing Institute (MHI), every year since 2011.
Sources: Company Materials.
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