United Community Banks completed the sale of its Navitas subsidiary for $2 billion in cash, recognizing a $68 million pretax gain and releasing a prior $38 million reserve benefit. Concurrently, the company restructured its securities portfolio by selling $2.6 billion in book value of long-duration assets to reduce interest rate risk, resulting in a $300 million pretax loss that offsets the Navitas gain. The transaction generated approximately $4.2 billion in total cash proceeds, which are being reinvested into shorter-duration, higher-yielding securities and used to pay down short-term borrowings. United also announced an additional $100 million share repurchase authorization through 2027 and welcomed Tom Speir as the new Chief Financial Officer. The company operates in the banking industry.
