United Community Banks to Sell $100M in Nonperforming Loans

United Community Banks Inc. entered an agreement to sell $100 million of nonperforming loans to an asset manager in order to rid illiquid assets and create new capital as the bank continues to suffer from credit crunch.

The Georgia-based bank, with total assets of $8 billion, will sell some of its assets including certain nonperforming commercial and residential mortgage loans and other real estate properties to Fletcher International at book value without discount.