Corsair Capital has reduced its stake in United Community Banks in Blairsville, Ga.

The New York firm on Thursday sold 3 million voting shares in the $9.4 billion-asset United Community to Morgan Stanley, which acted as the sole underwriter on the offering. United Community did not disclose sale price of Corsair's stock.

Corsair, which had been United Community's largest investor, still owns about 4.9% of the company's voting stock, and about 76% of its nonvoting shares. The firm collectively owns about 10.2% of United Community's outstanding common stock.

Corsair first invested in United Community in 2011, when it led a $385 million investment that gave the firm a 22% stake in the banking company, along with a board seat.

Troutman Sanders advised United Community. Kilpatrick Townsend & Stockton advised Morgan Stanley.

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