UCB, Inc. reports 1st quarter loss of $142.5M

BLAIRSVILLE - Blairsville-based United Community Banks reports a net operating loss of $142.5 million, or $1.57 per share, for the first quarter of the year.

Bank officials said the higher net operating loss reflects an aggressive plan to quickly sell and write down problem assets, including bad loans. Nevertheless, United's President and CEO, Jimmy Tallent, said the bank holding company made "tremendous progress" in the first quarter in returning to profitability.

Last month, the bank reported it had raised $380 million from investors.

The bank holding company has a number of branches in the Gainesville area.

(Read more about the first quarter report by clicking on the link below.)