2013 Annual Report
United Community Banks, Inc.
United Community Banks, Inc.
FINANCIAL HIGHLIGHTS
($ in millions, except per share data)
Core Earnings Summary
Net interest revenue
Core fee revenue
Core operating expenses
Core earnings (pre-tax, pre-credit)
Provision for loan losses
Foreclosed property costs
Gain on bank-owned life insurance
Severance costs
Securities gains, net
Loss on prepayment of borrowings
Provision for litigation settlement
Gain on sale of low income housing tax credits
Interest on federal tax refund
Income tax benefit (expense)
Net income
Preferred dividends and discount accretion
Net income available to common shareholders
Per Common Share
Diluted earnings
Book value
Tangible book value
Performance Measures
Net interest margin
Allowance for loan losses to loans
Tangible common equity to assets (year-end)
Tier I risk-based capital ratio (year-end)
As of Year-End
Loans
Investment securities
Total assets
Deposits
Shareholders’ equity
Common shares outstanding (thousands)
Beneficial owners
Employees
Banking offices
2013
2012
$ 219.6
53.9
163.5
110.0
(65.5)
(7.9)
1.5
(2.3)
.2
-
-
.5
-
236.7
273.2
(12.1)
$ 261.1
$ 4.44
11.30
11.26
$ 229.8
53.4
166.0
117.2
(62.5)
(14.0)
-
(2.3)
7.1
(6.7)
(4.0)
.7
1.1
(2.7)
33.9
(12.2)
$ 21.7
$ 0.38
6.67
6.57
3.30 %
1.77
9.07
12.74
3.51 %
2.57
5.60
14.16
$ 4,329
2,312
7,425
6,202
796
59,432
16,650
1,506
102
$ 4,175
2,079
6,802
5,952
581
57,741
15,000
1,590
105
Letter to Shareholders
2013 was nothing less than a transformative year for United Community Banks. Before
the year began, we had identified a number of critical initiatives that we believed we had to
complete to put the last of the financial crisis behind us and execute our growth plans. We
developed a thorough action plan to address each initiative and I am pleased to report that
our bankers executed it flawlessly.
Credit quality was improving steadily, but incrementally, at the end of 2012. We could have
continued at that pace and in time would have reached our targets, but not without significant
ongoing costs including further delays in pursuing strategic growth initiatives. The continuing
process of cleaning up the loan portfolio was carrying a heavy price in valuable resources and
masking the benefit of expense reductions. Credit-related memorandums of understanding
We developed a
thorough action
plan to address
each initiative and
I am pleased to
report that our
bankers executed
it flawlessly.
(MOUs) with regulators were restricting our ability to redeem
preferred stock and expand into new markets. Because of
the full valuation allowance on our deferred tax asset, our
balance sheet and tangible book value were not reflecting the
tremendous value of our income tax benefits. We were growing
loans, but intense competitive pressures were contributing to a
shrinking margin in a low interest rate environment.
We identified several major goals to restore our superior credit
quality and to remove the restrictions that were keeping us
from executing growth plans and maximizing the value of
your investment in United. These goals included reducing our
classified assets to less than 30 percent of our tier 1 regulatory capital plus our allowance
for loan losses; reversing the valuation allowance on our deferred tax asset; terminating the
MOUs; and redeeming our TARP preferred stock. It is a pleasure to report that we have
accomplished these goals and are now focused on growing the business.
Let me take a moment to describe our 2013 accomplishments in more detail, and how they
affect us going forward.
one
Restoration of credit quality measures to among the industry’s best
During the second quarter we completed sales of $172 million in classified assets, a
momentous event for our company and the culmination of several quarters of planning and
coordination with regulators. After these transactions our classified asset ratio (classified
assets to tier 1 regulatory capital plus our allowance for loan losses) was below the 30
Our improved asset
quality and sustained
profitability led to
the release of our
$272 million deferred
tax asset valuation
allowance which
added $4.69 to our
tangible book value.
percent target, and our ratio of nonperforming assets to
total assets was not only much improved but was among
the lowest in the country among banks of similar size.
Accompanying benefits were significantly lower costs from
work-out related expenses including charge-offs, loan loss
provisions, foreclosed property management, and legal
and appraisal fees.
Our improved asset quality and sustained profitability over
several quarters led to the release of our $272 million
deferred tax asset valuation allowance in the second
quarter. This reversal allowed our substantial tax benefit
to be reflected on the balance sheet and added $4.69 to
our tangible book value, which was important to our stock
valuation. Stock prices trade at multiples of tangible book
value, so our stock price was understated as long as the valuation allowance was in place.
During 2013 our stock price increased 88 percent.
Achieving our goals and laying the foundation for strong performance
Since mid-2010 we had been subject to two informal memorandums of understanding with
regulators. The MOU with the Federal Deposit Insurance Corporation (FDIC) and Georgia
Department of Banking and Finance (GDBF) was lifted in December 2013, and the MOU
with the Federal Reserve Bank and the GDBF was lifted a month later. These were pivotal
events that lowered our deposit insurance costs, freed us to expand into new markets through
acquisitions and branching, removed other restrictions and reporting requirements, and allowed
us to re-establish dividends from the bank to the holding company for the first time since 2008.
As we knew would be the case when we adopted our aggressive plan in late 2012, achieving
one goal led to achieving another. The dramatic improvement in credit quality led to the lifting
of the MOUs, which allowed us to re-establish the bank dividend to the holding company,
which was critical to redeeming the preferred stock that we had issued in late 2008 under the
U.S. Treasury’s Troubled Asset Relief Program (TARP). Bank dividends, along with cash on
hand and short-term debt, financed our redemption of $180 million in preferred stock in late
2013 and early 2014, shortly before the dividend rate was set to increase – another significant
cost savings. In March 2014 we redeemed the remaining $16.6 million of outstanding
preferred stock, marking the end of these costly obligations. The full $197 million redemption
was accomplished without issuing common stock that would have diluted the holdings of
our shareholders.
two
Redeeming the preferred stock was critical to maximizing earnings per share. So were reducing
credit-related and FDIC insurance expenses, as we did significantly with our classified asset
improvements and MOU releases, and finding other ways to lower costs. Our improved credit
measures and stronger earnings performance led to lower borrowing costs, and in the third
quarter we refinanced $35 million in subordinated debt with senior notes at a one and a half
percent lower rate. These and other expense reductions contributed to an operating efficiency
ratio of 60 percent at the end of 2013, compared to 72 percent a year before.
We have over the past year cited a goal of a one
percent return on assets by the fourth quarter of 2014,
but the timing may be delayed into 2015 due to the
preferred stock redemption. Payment of preferred
stock dividends is not included in the return on assets
calculation, whereas borrowing costs for trust preferred
securities are included. Redeeming our preferred
stock had a tremendous impact on our top priority of
improving earnings per share. With the preferred stock
As we knew would
be the case when we
adopted our aggressive
plan in late 2012,
achieving one goal led
to achieving another.
redemptions now behind us, we return our attention to improving return on assets, which at
.86 percent in the fourth quarter is well down the path toward achieving our goal.
While making significant headway in resolving credit quality, efficiency and regulatory
challenges, we also focused on reinvesting in strategic business growth on four major fronts:
quality loans, other strategic business growth, specialized revenue-producing talent, and
outstanding service.
Strategic growth: talent, markets and products
In late 2012 we opened a loan production office in Greenville, South Carolina, where Lynn
Harton has deep market knowledge and relationships from his years of financial services
leadership in the state. Greenville and the state of South Carolina consistently rank high
nationally for having a favorable business climate. During 2013 we opened a full-service
office, added new commercial lenders, and by year-end produced outstanding loan balances
of $61 million and unfunded loan commitments of another $132 million. In the second
quarter of 2013 we entered Nashville, Tennessee with experienced lenders in that market’s
busy healthcare sector, and by year-end added $28 million in outstanding loan balances.
Demographic trends are driving growth in healthcare, and we will leverage our new expertise
in that sector across the United footprint.
In 2012 we introduced a home equity line of credit with a low introductory rate for the first
year, followed by a reset to prime plus. At the end of 2013 the product had over $196 million
in balances, of which $84 million had reset. Early in 2013 we introduced SmarterMortgage,
an in-house product that allows customers to refinance conveniently and with low closing
costs, and by year-end had booked over 1,000 new loans totaling $141 million. Not only
did these new products create new balances; they also, and even more importantly, brought
us many new customer relationships. We are investing our strong deposit growth into these
three
mostly variable-interest mortgage products, and they are helping diversify the loan portfolio
and reduce exposure to rising interest rates.
Not only did these new
products create new
balances; they also, and
even more importantly,
brought us many new
customer relationships.
We worked hard and successfully to improve operating
efficiency, while at the same time making sensible and
opportunistic strategic investments in our future. Our
entry into Nashville and expansion in Greenville are
examples of such opportunities, and we see more ahead
including growing the mortgage business, particularly
in our newer and more metropolitan markets. To that
end, in the third quarter of 2013 we hired a 29-year
mortgage banking veteran as president of United
Community Mortgage Services. Under his leadership
we will make mortgage banking an even stronger part
of our relationship strategy. We also added new leadership in advisory and treasury services,
and are already seeing tremendous progress. To support our retail banking focus and
centralize consumer underwriting, we added a senior retail credit officer with over 30 years
of experience in these disciplines. We have added seasoned bankers in many back office
support functions. This new talent enhances our already solid banking team and provides a
strong and dependable platform for growth.
Customer service
Products and delivery systems look much alike from bank to bank – but there is a difference
in service, and that is an area where United Community Bank continues to excel. I know we
aren’t the only company to make such a claim, but don’t take it from me; third-party research
Products and delivery
systems look much
alike from bank to
bank – but there
is a difference in
service, and that is
an area where United
Community Bank
continues to excel.
organizations have repeatedly verified our competitive
service difference. In early 2012, Customer Service
Profiles awarded United the highest customer satisfaction
rating of all banks they studied nationwide. In early 2013
another well known and highly respected national market
research company cited us as having the second-highest
customer satisfaction score in the Southeast. With a score
of 835, we missed the top spot by one point. In early
2014 it happened again, with United being recognized
in the March issue of Fortune magazine as one of the
top customer service champions across all industries.
The countless ways that our people serve customers so
well, with genuine care consistently day-in and day-out,
is absolutely extraordinary. The story continues, and that
speaks very well for our future.
four
Looking forward
The achievements of 2013 have laid vital groundwork for the future. They are as important as
they are long in coming – the culmination of five years of hard work and perseverance among
our bankers. They stood their ground and executed through hard times, while adapting to
changes in our industry along the way. They did more with less: 2013 total operating expenses
were 7 percent or $12 million lower than in 2012; and 33 percent or $87 million lower than in
2011. They kept a steadfast focus on customers, who rewarded them – awarded all of us –
by remaining loyal to our bank. A look back at these difficult years is encouraging in one very
important sense; it shows what this team is capable of in years to come.
While the future looks brighter, it is not without challenges. The economic recovery continues,
but on its own slow pace. Our industry is seeing loan growth, albeit gradual. Interest margins
are narrow and regulations have increased. Pricing pressure
will likely remain near-term from competition and the low
interest rate environment.
With credit quality under control, our attention is laser-focused
on advancing the business and earnings. That means growth
from targeted high-opportunity areas including commercial,
SBA, asset-based and mortgage lending, and, on the fee
revenue side, financial advisory and brokerage services.
We look for continued solid performance from the mix of
floating and fixed rate securities in our investment portfolio.
Floating rate securities are part of our overall interest rate risk
A look back at
these difficult years
is encouraging in
one very important
sense; it shows what
this team is capable
of in years to come.
management program. We are well prepared for an eventual rise in interest rates. We are
carefully managing expenses while strategically investing in markets, services and talent. With
the release of the MOUs we are able to evaluate acquisition opportunities that can add value
in and around our footprint.
Much has changed for the better. We leave behind the troubles of the financial crisis but carry
forward the lessons learned and the valuable experience gained through the process. We
move ahead with strong risk management practices, a well diversified loan portfolio and an
exceptional team of bankers unmatched in the industry. I am grateful for the strong support
of our customers, the wise counsel of our board members, and the remarkable character of
our employees. As for our shareholders, the first priority, always and especially after these
recent years, is to reward your loyalty by increasing the value of your investment in United
Community Banks.
Sincerely,
Jimmy Tallent
five
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
2013
2012
2011
INTEREST REVENUE:
Loans, including fees
Investment securities:
Taxable
Tax exempt
Deposits in banks and short-term investments
Total interest revenue
INTEREST EXPENSE:
Deposits:
NOW
Money market
Savings
Time
Total deposit interest expense
Short-term borrowings
Federal Home Loan Bank advances
Long-term debt
Total interest expense
Net interest revenue
Provision for credit losses
Net interest revenue after provision for credit losses
FEE REVENUE:
Service charges and fees
Mortgage loan and other related fees
Brokerage fees
Securities gains, net
Losses on prepayment of borrowings
Other
Total fee revenue
Total revenue
OPERATING EXPENSES:
Salaries and employee benefits
Occupancy
Communications and equipment
FDIC assessments and other regulatory charges
Professional fees
Postage, printing and supplies
Advertising and public relations
Amortization of intangibles
Foreclosed property
Other
Total operating expenses
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss)
Preferred stock dividends
Net income (loss) available to common shareholders
Income (loss) per common share:
Basic
Diluted
Weighted average common shares outstanding:
Basic
Diluted
six
$ 200,893
$ 217,378
$ 244,020
40,331
827
3,789
245,840
43,657
956
3,986
265,977
55,251
1,009
2,321
302,601
1,759
2,210
133
10,464
14,566
2,071
68
10,977
27,682
218,158
65,500
152,658
31,997
9,925
4,465
186
-
10,025
56,598
209,256
96,233
13,930
13,233
9,219
9,617
3,283
3,718
2,031
7,869
15,171
174,304
34,952
(238,188)
237,140
12,078
$ 261,062
2,049
2,518
150
19,097
23,814
2,987
907
10,201
37,909
228,068
62,500
165,568
31,670
10,483
3,082
7,078
(6,681)
10,480
56,112
221,680
96,026
14,304
12,940
10,097
8,792
3,899
3,855
2,917
13,993
19,951
186,774
34,906
1,050
33,856
12,148
$ 21,708
3,998
5,456
234
39,114
48,802
4,250
2,042
10,544
65,638
236,963
251,000
(14,037)
29,110
5,419
2,986
842
(791)
7,341
44,907
30,870
100,095
15,645
13,135
14,259
9,727
4,256
4,291
3,016
78,905
18,270
261,599
(230,729)
(3,983)
(226,746)
11,838
$ (238,584)
$
4.44
4.44
$
.38
.38
$
$
(5.97)
(5.97)
58,787
58,845
57,857
57,857
39,943
39,943
CONSOLIDATED BALANCE SHEET
(in thousands, except per share data)
ASSETS
Cash and due from banks
Interest-bearing deposits in banks
Short-term investments
Cash and cash equivalents
Securities available-for-sale
Securities held-to-maturity (fair value $485,585 and $261,131)
Mortgage loans held for sale
Loans, net of unearned income
Less allowance for loan losses
Loans, net
Assets covered by loss sharing agreements with the FDIC
Premises and equipment, net
Bank-owned life insurance
Accrued interest receivable
Intangible assets
Foreclosed property
Net deferred tax asset
Derivative financial instruments
Other assets
2013
2012
$
71,230
119,669
37,999
228,898
1,832,217
479,742
10,319
4,329,266
(76,762)
4,252,504
22,882
163,589
80,670
19,598
3,480
4,221
258,518
23,833
44,948
$
66,536
124,613
60,000
251,149
1,834,593
244,184
28,821
4,175,008
(107,137)
4,067,871
47,467
168,920
81,867
18,659
5,510
18,264
-
658
34,296
Total assets
$ 7,425,419
$ 6,802,259
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand
NOW
Money market
Savings
Time:
Less than $100,000
Greater than $100,000
Brokered
Total deposits
Short-term borrowings
Federal Home Loan Bank advances
Long-term debt
Derivative financial instruments
Unsettled securities purchases
Accrued expenses and other liabilities
$ 1,388,512
1,427,939
1,227,575
251,125
892,961
588,689
424,704
6,201,505
53,241
120,125
129,865
46,232
29,562
49,174
$ 1,252,605
1,316,453
1,149,912
227,308
1,055,271
705,558
245,033
5,952,140
52,574
40,125
124,805
12,543
-
38,667
Total liabilities
6,629,704
6,220,854
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $1 par value; 10,000,000 shares authorized;
Series A, $10 stated value, 0 and 21,700 shares issued and outstanding
Series B, $1,000 stated value, 105,000 and 180,000 shares issued and outstanding
Series D, $1,000 stated value, 16,613 shares issued and outstanding
Common stock, $1 par value; 100,000,000 shares authorized;
46,243,345 and 42,423,870 shares issued and outstanding
Common stock, non-voting $1 par value; 30,000,000 shares authorized;
13,188,206 and 15,316,794 shares issued and outstanding
Common stock issuable; 241,832 and 133,238 shares
Capital surplus
Accumulated deficit
Accumulated other comprehensive loss
-
105,000
16,613
217
178,557
16,613
46,243
42,424
13,188
3,930
1,078,676
(448,091)
(19,844)
15,317
3,119
1,057,951
(709,153)
(23,640)
Total shareholders’ equity
795,715
581,405
Total liabilities and shareholders’ equity
$ 7,425,419
$ 6,802,259
seven
SELECTED FINANCIAL DATA - QUARTERLY CORE SUMMARY
(in millions, except per share data; taxable equivalent)
Q-4
Q-3
Q-2
Q-1
2013
CORE EARNINGS SUMMARY
Net interest revenue
Core fee revenue (1)
Core revenue (1)
Core operating expenses (2)
Core earnings (pre-tax, pre-credit) (1)(2)
Provision for loan losses
Foreclosed property costs:
Write downs and gains/losses from sales
Other expenses
Severance costs
Securities gains, net
Gain on bank-owned life insurance
Provision for litigation settlement
Gain on sale of low income housing tax credits
Income tax (expense) benefit
Net income
Preferred dividends and discount accretion
Net income available to common shareholders
PERFORMANCE MEASURES
Per common share:
Diluted earnings
Book value
Tangible book value (3)
Key performance ratios:
Net interest margin (4)
Return on assets (4)
Return on common equity (4)(5)
Tangible equity to assets (period end) (3)
Tangible common equity to assets (period end) (3)
ASSET QUALITY*
Nonperforming loans
Foreclosed properties
Total nonperforming assets (NPAs)
Allowance for loan losses
Net charge-offs
Allowance for loan losses to loans
Net charge-offs to average loans (4)
NPAs to loans and foreclosed properties
NPAs to total assets
AT PERIOD END
Loans*
Investment securities
Total assets
Deposits
Shareholders’ equity
Common shares outstanding
$
55.9 $
13.2
69.1
41.2
27.9
(3.0)
54.2 $
14.0
68.2
39.3
28.9
(3.0)
54.9 $
14.1
69.0
42.1
26.9
(48.5)
.4
(.6)
-
.1
-
-
-
(8.9)
15.9
2.9
.3
(.5)
(.4)
-
.1
-
-
(9.9)
15.5
3.1
$
13.0 $
12.4 $
(4.3)
(.8)
(1.6)
-
1.4
-
.5
256.4
230.0
3.1
226.9 $
54.6 $
12.6
67.2
40.9
26.3
(11.0)
(1.1)
(1.2)
(.4)
.1
-
-
-
(.9)
11.8
3.1
8.7 $
$
.22 $
.21 $
3.90 $
.15 $
11.30
11.26
10.99
10.95
10.90
10.82
6.85
6.76
3.26 %
.86
7.52
10.71
9.07
3.26 %
.86
7.38
11.73
9.01
3.33 %
13.34
197.22
11.51
8.78
3.37 %
.70
8.51
8.58
5.72
2012
Q-4
56.1
14.6
70.7
41.5
29.2
(14.0)
(3.2)
(1.4)
(.5)
-
-
(4.0)
-
(.8)
5.3
3.1
2.2
.04
6.67
6.57
3.45 %
.31
2.15
8.47
5.60
$
26.8 $
26.1 $
27.9 $
4.2
31.0
76.8
4.4
1.77 %
.41
.72
.42
4.5
30.6
80.4
4.5
1.88 %
.42
.72
.42
3.9
31.8
81.8
72.4
1.95 %
6.87
.76
.44
96.0 $
16.7
112.7
105.8
12.4
109.9
18.3
128.2
107.1
14.5
2.52 %
1.21
2.68
1.65
2.57 %
1.39
3.06
1.88
$
4,329 $
2,312
7,425
6,202
796
59.4
4,267 $
2,169
7,243
6,113
852
59.4
4,189 $
2,152
7,163
6,102
829
57.8
4,194 $
2,141
6,849
6,026
592
57.8
4,175
2,079
6,802
5,952
581
57.7
(1) Excludes net securities gains and losses, losses from the prepayment of borrowings, gains from the sale of low income housing tax credits and gain on bank owned life insurance. (2) Excludes foreclosed
property costs and severance costs. (3) Excludes the effect of acquisition related intangible assets. (4) Annualized. (5) Net income available to common shareholders, which is net of preferred dividends,
divided by average realized common equity, which excludes accumulated other comprehensive income (loss). * Excludes loans and foreclosed properties covered by loss sharing agreements with the FDIC.
eight
CORPORATE INFORMATION
Financial Information
Analysts and investors seeking financial
information should contact:
Rex S. Schuette
Executive Vice President and
Chief Financial Officer
(706) 781-2265
rex_schuette@ucbi.com
This Annual Report contains forward-
looking statements that involve risk and
uncertainty and actual results could differ
materially from the anticipated results
or other expectations expressed in the
forward-looking statements. A discussion
of factors that could cause actual results
to differ materially from those expressed
in the forward-looking statements is
included in the Annual Report on Form
10-K filed with the Securities and
Exchange Commission.
This Annual Report also contains
financial measures that were prepared
on a basis different from accounting
principles generally accepted in the
United States (“GAAP”). References to
operating earnings, pre-tax, pre-credit
earnings and core earnings are non-
GAAP financial measures. Management
has included such non-GAAP financial
measures because such non-GAAP
measures exclude certain non-recurring
revenue and expense items and
therefore provide a meaningful basis for
analyzing financial trends. A reconciliation
of these measures to financial measures
determined using GAAP is included
in the Annual Report on Form 10-K
filed with the Securities and Exchange
Commission.
Board of Directors
W.C. Nelson, Jr.
Chairman
Owner, Nelson Tractor Co.
Jimmy C. Tallent
President
Chief Executive Officer
Robert H. Blalock
Owner, Blalock Insurance Agency, Inc.
Clifford V. Brokaw
Managing Director
Corsair Capital
L. Cathy Cox
President, Young Harris College
Steven J. Goldstein
Retired Chief Financial Officer
Federal Home Loan Bank of Atlanta
STOC K PRICE
Quarter
High
Low
Close
Average
Daily
Volume
2012 4th
$ 9.49
$ 8.01
$ 9.44
202,871
2013 1st
$ 11.57
$ 9.59
$ 11.34
195,803
2nd
3rd
4th
12.94
16.04
18.56
10.15
12.15
14.82
12.42
14.99
17.75
184,922
341,270
421,948
Investor Information
Investor information including this report,
Form 10-K, quarterly financial results,
press releases and various other reports
are available online at www.ir.ucbi.com.
Alternatively, shareholders may contact
Investor Relations at (866) 270-5900 or
investor_relations@ucbi.com.
Stock Exchange
United Community Banks, Inc. (Ticker:
UCBI) common stock is listed for trading
on the NASDAQ Global Select Market.
Registrar Transfer Agent
IST Shareholder Services
433 S. Carlton Ave.
Wheaton, Illinois 60187
(630) 480-0393
Email: info@ilstk.com
www.istshareholderservices.com
Independent Registered
Public Accountants
PricewaterhouseCoopers LLP
Atlanta, Georgia
Legal Counsel
Troutman Sanders LLP
Atlanta, Georgia
Equal Opportunity
Employer
United Community Banks is an equal
opportunity employer. All matters
regarding recruiting, hiring, training,
compensation, benefits, promotions,
transfers and other personnel policies will
remain free from discriminatory practices.
United Community Banks, Inc. © 2014.
Thomas A. Richlovsky
Retired Chief Financial Officer
Treasurer
National City Corporation
Tim R. Wallis
President
Chief Executive Officer
Wallis Printing Company
Robert L. Head, Jr.
Director Emeritus
Owner, Head Westgate
Executive Officers
Jimmy C. Tallent
President
Chief Executive Officer
H. Lynn Harton
Executive Vice President
Chief Operating Officer
Rex S. Schuette
Executive Vice President
Chief Financial Officer
David P. Shearrow
Executive Vice President
Chief Risk Officer
Bill M. Gilbert
Director of Banking
United Community Banks, Inc.
125 Highway 515 East | Blairsville, Georgia 30512
706.781.2265 | 866.270.7200 | ucbi.com
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ucbi.com