Corsair Invests in United Community Banks

A consortium of investors, which includes Corsair Capital, has agreed to invest $380 million in United Community Banks (NASDAQ: UCBI). The investor group will purchase shares of United common stock priced at $1.90 apiece, as well as mandatorily convertible preferred stock. Sandler O'Neill + Partners and J.P. Morgan are financially advising United and serving as placement agents. Corsair will hold a 22.5% stake in the bank holding company upon the completion of the private placement and conversion of the preferred stock.