United Community Banks to sell Navitas equipment finance unit to Wafra for $1.9 billion
United Community Banks agreed on June 11, 2026 to sell Navitas Credit Corp. and NLFC Reinsurance Corp., its equipment finance lending and reinsurance subsidiaries, to Navitas TopCo LLC, an entity tied to funds managed by Wafra Inc. The estimated cash purchase price is $1.9 billion, based on March 31, 2026 financials, and the company expects a one-time pre-tax earnings benefit of $109 million and a 145 basis point CET1 capital gain, while the equipment finance business accounts for about 50% of trailing net charge-offs despite being 10% of loans. Closing is expected in the third quarter of 2026 and is subject to regulatory approvals and other customary conditions.
Key points
- Estimated purchase price of $1.9 billion, a 7% premium to par value of the Navitas loan portfolio; final price subject to closing adjustments
- Expected one-time pre-tax earnings benefit of $109 million and about 3% accretion to tangible book value per share, per the investor presentation
- Equipment finance is 10% of total loans but about 50% of net charge-offs for the twelve months ended March 31, 2026
- Expected to close in Q3 2026; Purchaser must pay a $17.5 million termination fee in specified circumstances; agreement can be terminated if not completed by December 11, 2026
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 12, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.