10:23 AM EDT, 09/03/2024 (MT Newswires) -- United Community Banks ( UCB ) said Tuesday it sold its manufactured housing loan portfolio, valued at $318.2 million, to 21st Mortgage.

The transaction is "slightly" accretive to regulatory capital ratios and is expected to impact Q3 financial results by $0.18 per share, the company said.

United Community Banks ( UCB ) said the sale followed its decision to halt new originations in Q3 of 2023 in the manufactured housing loan portfolio, which was part of the Reliant Bancorp acquisition in January 2022.

Shares of the company were down 1.4% in recent Tuesday trading.

Price: 30.03, Change: -0.44, Percent Change: -1.44