United Community Received Civil Investigative Demand From DOJ

United Community Banks received a civil investigative demand from the U.S. Department of Justice on May 27 related to PPP loans approved by the bank, its non-payment of fees to agents of borrowers and its policies related to payment or non-payment of agent fees.

• The company believes all PPP loans made by the bank were made in compliance with applicable laws, regulations and available published regulatory guidance
• The company is evaluating the CID and intends to fully cooperate with the DOJ
• The bank has funded 10,860 PPP loans for more than $1.1 billion, excluding about $33 million previously returned by ...