United Community Banks Inc. in Blairsville, Ga., said Thursday it had raised $380 million.

The $7.4 billion-asset company said its board has also approved a plan to sell about $293 million in substandard and nonperforming loans and $142 million in foreclosed properties. The loans will be sold in a series of bulk transactions through April, and the foreclosed properties will be sold by the end of the second quarter.

The $380 million of capital was raised through the sale of common stock and mandatorily convertible preferred stock in a private placement.

A group of institutional investors, led by an affiliate of Corsair Capital LLC, bought common stock at $1.90 a share, or a 5.5% discount to Wednesday's closing price.

The preferred stock will be converted into common stock at a conversion price of $1.90 following shareholder approval.

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