SOURCE: United Community Banks, Inc.

October 27, 2005 12:20 ET

/ CORRECTION - United Community Banks, Inc. Declares Quarterly Dividend

BLAIRSVILLE, GA -- (MARKET WIRE) -- October 27, 2005 -- In the news release, "United Community Banks, Inc. Declares Quarterly Dividend," issued earlier today by United Community Banks, Inc. (NASDAQ: UCBI), we are advised by the company that the second sentence of the first paragraph should read "The dividend is payable January 2, 2006, to shareholders of record at the close of business December 15, 2005," rather than, "The dividend is payable December 15, 2005, to shareholders of record at the close of business January 2, 2006," as originally issued. Complete corrected text follows.



United Community Banks, Inc. Declares Quarterly Dividend

BLAIRSVILLE, GA -- 10/27/05 -- United Community Banks, Inc. (NASDAQ: UCBI), Georgia's third largest bank holding company, announced that its Board of Directors declared a regular quarterly cash dividend of $.07 per common share. The dividend is payable January 2, 2006, to shareholders of record at the close of business December 15, 2005.

"This represents an annual cash dividend of $.28 per share, which is $.04 per share, or 17%, above the annual dividend rate for 2004," said Jimmy Tallent, President and Chief Executive Officer. "It also represents a dividend payout ratio of 20% of earnings, reflecting our strong performance and commitment to deliver value to our shareholders."

About United Community Banks, Inc.

Headquartered in Blairsville, United Community Banks is the third-largest bank holding company in Georgia. At September 30, 2005, United Community Banks had assets of $5.7 billion and operated 24 community banks with 88 banking offices located throughout north Georgia, metro Atlanta, coastal Georgia, western North Carolina and east Tennessee. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses in its markets. United Community Banks also offers the convenience of 24-hour access to its services through a network of ATMs, telephone and on-line banking. United Community Banks common stock is listed on the Nasdaq National Market under the symbol UCBI. Additional information can be found at the company's web site, ucbi.com.

Contact Information

  • For more information:
    Rex S. Schuette
    Chief Financial Officer
    (706) 781-2265
    Email Contact