BLAIRSVILLE - United Community Banks, Inc. reports a net operating loss of $23.6 million, or 28 cents per diluted share, for the fourth quarter of 2010... and is reportedly seeking an infusion of cash.
The fourth quarter operating loss excludes a partial recovery of $11.8 million, or eight cents per diluted share, from a previously incurred fraud loss related to two failed real estate developments in western North Carolina. Including the recovery, the fourth quarter net loss was $16.4 million, or 20 cents per diluted share.
For 2010 and 2009, United's net operating losses from continuing operations were $143.4 million and $139.1 million, or $1.62 and $2.47 per diluted share, respectively.
One analyst is quoted by the Atlanta Journal-Constitution as saying United may need to raise up to $400 million.
United Community Banks has assets of $7.4 billion and operates 27 community banks with 106 banking offices throughout north Georgia, coastal Georgia, western North Carolina and east Tennessee.
Read more about the fourth quarter report by clicking on the link below.
Sunday
October 13th, 2024
10:22AM
