Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition of First Madison Bank & Trust

On February 5, 2019, United announced that it had reached a definitive merger agreement to acquire First Madison Bank & Trust (“First Madison”). As of December 31, 2018, First Madison had total assets of $258 million, loans of $202 million and deposits of $213 million. First Madison, which currently operates four banking offices in the Athens-Clarke County, Georgia metropolitan statistical area, will merge into and operate under the brand of United Community Bank, United’s wholly-owned bank subsidiary.

Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, First Madison shareholders will receive merger consideration of $52.0 million in cash. The merger, which is subject to regulatory approval, the approval of shareholders of First Madison, and other customary conditions, is expected to close in the second quarter of 2019.

Dividends Declared

On February 6, 2019, United’s Board of Directors approved a regular quarterly cash dividend of $0.16 per common share. The dividend is payable April 5, 2019, to shareholders of record on March 15, 2019.

Stock Repurchases

As of February 27, 2019, United had repurchased 176,600 shares totaling $4.65 million during 2019 through its common stock repurchase plan.