United Community Banks, Inc. Announces Quarterly Cash Dividend Increase and a Share Repurchase Program Increase
Friday, November 9th, 2018
United Community Banks, Inc., reported that its Board of Directors approved an increase of its regular quarterly cash dividend to $0.16 per common share. The dividend is payable January 7, 2019 to shareholders of record on December 15, 2018. This represents the 5th such increase in the dividend over the past eight quarters and a 60% increase over the quarterly dividend a year ago.
The Board of Directors also authorized an increase in the Company’s repurchase program to $50 million of its outstanding common shares that may be acquired through December 31, 2019. The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws, and the program may be suspended or discontinued at any time without notice. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of United’s stock, general market and economic conditions, and applicable legal requirements. Repurchased shares will become treasury shares and may be utilized for general corporate purposes.