United Community Bank to repay TARP loans
United Community Banks, Inc., which has an office on Johnson Square, announced Monday it’s in the process of repaying its federal bailout loans and gettting out from unders special oversight by the FDIC.
The bank, with its home office in Blairsville, said it’s received regulatory approvals to redeem $196.8 million in preferred stock, including its $180 million in stock issued under the U.S. Treasury’s TARP program.
United said it plans to use cash on hand, bank dividends of $119 million and $40 million of short-term debt to redeem the preferred stock. United completed the first phase by redeeming $75 million of the TARP preferred stock on Dec.27 and intends to redeem the remaining balance of $105 million by mid-January.
Separately, the Federal Deposit Insurance Corporation and Georgia Department of Banking and Finance have terminated their joint informal memorandum of understanding with United Community Bank.
“Five years after the beginning of the economic crisis, these positive developments speak to the restoration of solid credit metrics, strong capital levels and core profitability at United,” said President and Chief Executive Officer Jimmy Tallent.
Chef Randall honored by culinary organization
The American Culinary Federation’s Chicago Chapter of Chefs of Cuisine, Inc., has recognized Chef Joe Randall, chef and owner of Chef Joe Randall’s Cooking School in Savannah, as its 2013 Lifetime Honorary Member.
Randall was honored during the organization’s annual board dinner Dec. 2 in Chicago for his lifetime commitment to the culinary profession and hospitality industry.
“To be recognized by other chefs is perhaps the highest compliment a chef can receive,” said Randall. “You’re only as good as you’re seen by the eyes of your peers.”
Randall is a founding board member of the Southern Food Alliance and has been featured on HGTV, the Food Network, TurnerSouth and many national and local television shows.
U.S. population projected at 317.3 million
The U.S. Census Bureau projects that the United States population will be 317,297,938 today. This represents an increase of 2,218,622, or 0.7 percent, from New Year’s Day 2013.
In January 2014, one birth is expected to occur every eight seconds in the United States and one death every 12 seconds.
The projected world population as of today is 7,137,577,750, an increase of 77,630,563, or 1.1 percent from New Year’s Day 2013.
In January 2014, 4.3 births and 1.8 deaths are expected worldwide every second. India added 15.6 million people over the one-year period, which led all countries.