United Community Banks Inc. (UCBI) said Monday that the Securities and Exchange Commission or "SEC" has concluded its investigation primarily related to United's deferred tax valuation allowance and no regulatory enforcement action is to be undertaken.
Previously, United Community Banks said it 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.
For comments and feedback: editorial@rttnews.com