United Community Banks in Ga. Receives SEC Subpoena

United Community Banks (UCBI) in Blairsville, Ga., received a subpoena and a notice of formal investigation from the Securities and Exchange Commission related to its deferred tax asset valuation allowances and goodwill impairment charges taken in 2009 and 2010.

The investigation comes on the heels of the company's recent restatement of four quarters of results.

The $7.2 billion-asset company in the first quarter recorded an additional income tax expense of $156.7 million to establish the deferred tax asset valuation allowance, and also recorded a $10.2 million charge to other comprehensive income in shareholders' equity. United had previously disclosed that the SEC had inquired about the deferred tax asset valuations.

Because of the higher valuation allowance, United restated financial statements for the fourth quarter of 2010, and the first three quarters of last year.

United on Monday received the subpoena and investigation notice from the SEC's enforcement division

"The notice of investigation stated that it should not be construed as an indication that any violations of law have occurred," United said in an SEC filing Wednesday. United said it is "cooperating fully" with the SEC on the subpoena.

United reported an $8.5 million profit in the first quarter, after posting a loss of more than $240 million a year earlier.

Its shares were down 3.4% in midday trading Thursday, to $8.34.