secwatch.observer — SEC 8-K summary
======================================

Issuer:     UNITED COMMUNITY BANKS INC (UCB)
CIK:        0000857855
Form:       8-K
Filed at:   2023-09-13T23:59:59+00:00
Accession:  0001104659-23-100127
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/857855/000110465923100127/0001104659-23-100127-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/857855/000110465923100127/tm2326009d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-100127

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer