UCBI expects ~$19M Q3 charge-off from syndicated credit to bankrupt oil distributor

UNITED COMMUNITY BANKS INC

Participation of 8.7% in a $218.5M syndicated credit led by First Horizon Bank to a wholesale oil distributor.
Borrower filed Chapter 11 bankruptcy on March 20, 2023; converted to Chapter 7 liquidation on August 24, 2023.
Credit was placed on nonaccrual in Q1 2023; minimal recovery expected, resulting in ~$19.0M charge-off in Q3.
United Community Banks, Inc. (UCBI) expects the charge-off to increase third-quarter charge-offs materially.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.