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UCB News
UCB Events
United Community Appoints Tom Speir as CFO
United Community announced that Tom Speir has been named executive vice president and chief financial officer. In this role, he will shape the bank's financial direction, oversee capital management and investor relations, and help guide United's long-term growth and financial strength. Speir will join the Greenville, S.C.-based bank on September 8, succeeding Jefferson Harralson, who announced his retirement earlier this year.
United Community Banks Raises Quarterly Cash Dividend to 26 Cents
United Community Banks reported that its board of directors approved a 4% increase in the quarterly cash dividend on the company's common stock, raising the dividend to 26c per share. The dividend is payable on October 5 to shareholders of record as of September 15.
Wafra to Acquire Navitas Credit Corp for Approximately $1.9B
Wafra announced that investment funds advised by Wafra have entered into a definitive agreement to acquire Navitas Credit Corp. from United Community Bank, a wholly-owned subsidiary of United Community Banks, for approximately $1.9B in cash. Navitas will continue to be led by its current management team following the closing of the transaction. The transaction is expected to be completed in the third quarter of 2026 and is subject to customary closing conditions. Bank of America and Wells Fargo are providing acquisition financing, as well as $1B of additional financing capacity to support Navitas' continued growth.
S&P Futures Rise as Oil Prices Drop, Boosting Market
S&P futures are pointing higher to end the week, building on Thursday's rally. The market is being driven by a combination of easing geopolitical fears, a sharp decline in oil prices, and continued enthusiasm around AI-related stocks and the highly anticipated SpaceX IPO.President Trump indicated that an Iran peace agreement could be signed as soon as this weekend, causing crude oil to tumble below $90 per barrel. Lower oil prices are helping calm inflation fears after this week's hotter-than-expected CPI and PPI reports. Markets are betting that if energy prices continue falling, some of the inflation pressure could ease in coming months.Thursday saw a rebound in semiconductor names after two difficult sessions. Investors are also watching the debut of SpaceX, whose massive IPO is expected to be one of the largest market events of the year and could further fuel enthusiasm for AI, aerospace and growth stocks.In pre-market trading, S&P 500 futures rose 0.20%, Nasdaq futures were flat and Dow futures rose 0.44%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -United Community Banksup 2% after executing a definitive agreement to sell its equipment finance business for $1.9B in cashUP AHEAD OF SPACEX IPO:EchoStarup 5%Rocket Labup 3%AST SpaceMobileup 1%DOWN AFTER EARNINGS -Adobedown 8%RHdown 2%51Talk Online Educationdown 7%Laser Photonicsdown 7%Lennardown 1%LOWER -Jazz Pharmaceuticalsdown 1% after announcing its LAGOON trial did not meet its primary endpoint of overall survival evaluating Zepzelca as monotherapy or in combination with irinotecan compared to investigators' choice of topotecan or irinotecanSummit Hotel Propertiesdown 1% after reporting that CFO William Conkling will depart the company effective June 15 for personal reasonsShelldown 1% after pausing its $3B share buyback program
United Community Banks Sells Equipment Finance Business for $1.9B
United Community Banks announced the execution of a definitive agreement to sell its equipment finance business, consisting of Navitas Credit Corp. and NLFC Reinsurance Corp., to funds managed by Wafra Inc., acting through Navitas TopCo for $1.9B in cash. United intends to evaluate a range of capital deployment alternatives after closing, which may include a combination of continued organic growth of its core community banking business, balance sheet optimization, share repurchases, and M&A. United expects the impact on earnings per share to be offset as excess capital is deployed over time, while concurrently lowering the risk profile of the franchise. Navitas' executive leadership team and all employees are expected to remain with the business following the sale to funds managed by Wafra. The transaction is expected to be completed in the third quarter of 2026 and is subject to customary closing conditions.
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