United Community Banks Inc said it would sell nearly a quarter of itself for $380 million, and offload $435 million in bad assets, helping it shore up its balance sheet. United will sell a combination of common and preferred shares to an affiliate of Corsair Capital and a group of institutional investors, giving the buyers a 22.5 percent stake in the company. The bank said it would sell its shares for $1.90 per share, a 24 percent premium to its Wednesday close.
Source
