United Community
Banks, Inc. UCBI reported today that the
Securities and Exchange Commission ("SEC") has concluded its
investigation primarily related to United's deferred tax valuation
allowance and no regulatory enforcement action is to be undertaken.
As previously reported in its Current Report on Form 8-K filed on May
16, 2012, United received from the SEC's Division of Enforcement a
notice of investigation that included a subpoena seeking information
relating primarily to United's deferred tax asset valuation
allowance, the establishment of which resulted in certain
restatements of United's financial statements, and United's 2009 and
2010 goodwill impairment charges.
"We are pleased to learn that the staff of the SEC had completed its process and no enforcement action against United is to be
recommended. We place a premium on regulatory compliance in
everything we do. We are gratified this matter is over and fully
behind United," said Jimmy Tallent United's President and Chief
Executive Officer.
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