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United Community Banks issues $45.5M for Navitas Credit deal


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United Community Banks issues $45.5M for Navitas Credit deal

Blairsville, Ga.-based United Community Banks Inc. issued $45.5 million in shares as part of a deal, according to a Feb. 14 Form D filing.

The funding was used to pay for the stock portion of United Community Bank's acquisition of NLFC Holdings Corp., and Florida subsidiary Navitas Credit Corp., CFO Jefferson Harralson said in an emailed statement.

The 35%-stock and 65%-cash deal, valued at $130 million, closed Feb. 1. Navitas, an equipment finance provider, will operate as a United Community Bank subsidiary but retain its brand and existing management team.

Forty-five investors participated in the offering.