Simpson Thacher Represented Corsair Capital in Connection with its Investment in United Community Banks, Inc.
04.18.11
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Simpson Thacher represented Corsair Capital (“Corsair”) as the lead investor in a $380 million capital raise by United Community Banks Inc. (“UCBI”). Corsair invested approximately $123 million in UCBI through the purchase of shares of common stock and mandatorily convertible preferred stock (which will convert into common stock following a stockholder vote). Upon conversion of the preferred stock, Corsair and its limited partners will own approximately 9.9% of the voting common stock of UCBI and 22.5% of all outstanding shares of voting and non-voting common stock. The transaction closed on March 30, 2011.
UCBI has assets of $7.4 billion and operates 27 community banks with 106 banking offices throughout north Georgia, the Atlanta region, coastal Georgia, western North Carolina and eastern Tennessee.
The Simpson Thacher team included Lee Meyerson, Elizabeth Cooper, Aby Castro and Chad Pearlman (M&A); Gary Rice and Mark Chorazak (Bank Regulatory) Barrie Covit and Parker Kelsey (Funds); Jonathan Goldstein and Danny Salinas (Tax) and David Schneider (Executive Compensation and Employee Benefits).