United Community Banks to Sell Navitas Equipment Finance Unit to Wafra for $1.9 Billion

United Community Banks, Inc. announced on June 12, 2026, that it has reached a definitive agreement to sell its equipment finance business to funds managed by Wafra Inc. for approximately $1.9 billion in cash. The sale includes Navitas Credit Corp. and its affiliate, NLFC Reinsurance Corp., which operate collectively as Navitas.

The transaction represents a strategic pivot for the Greenville, South Carolina-based bank, which stated the move will allow it to sharpen its focus on its core relationship banking franchise across the Southeastern United States. The deal is also expected to significantly enhance United’s liquidity and capital strength.

This move by a major regional bank is a textbook example of strategic capital management that small and mid-sized business owners should watch closely. It demonstrates a disciplined approach to unlocking value from a non-core asset to reinvest in the primary business. For many companies, growth isn't just about finding new customers; it's about optimizing the balance sheet. In our experience, business owners often overlook the potential to generate significant capital by divesting a division or product line that, while profitable, no longer fits the long-term strategic vision. This sale allows United to focus its resources where they can generate the best returns. This is precisely the kind of sophisticated financial strategy that can separate market leaders from the rest of the pack. Helping clients navigate these complex decisions is a core part of our capital raising and investor strategy services. To explore how your business could leverage its assets for growth, contact C&S Finance Group LLC at csfinancegroup.com.

According to the announcement, the all-cash purchase price reflects a 7% premium to the par value of Navitas’ loan portfolio. As of March 31, 2026, Navitas had approximately $1.8 billion in owned receivables. The transaction is subject to customary closing conditions and is expected to be finalized in the third quarter of 2026.

Lynn Harton, Chairman and Chief Executive Officer of United, elaborated on the decision in a statement. “Over the past eight years, Navitas has been a valuable contributor to United, delivering strong growth and returns for our business,” Harton said. He also revealed that the bank’s growth had created a strategic conflict, noting, “for the past several quarters, we have had to restrain Navitas’ growth to remain within our self-imposed portfolio limits.”

Harton explained that since United acquired Navitas, its core community banking operations have expanded, presenting more attractive, in-market growth opportunities. The sale will allow United to redirect its resources toward these core markets. While the divestiture will remove a contributor to earnings, the bank anticipates that the strategic deployment of the proceeds will offset this impact over time, ultimately improving the franchise's long-term risk-return profile.

For Navitas customers and employees, the transition is intended to be seamless. The company’s entire executive leadership team and its more than 200 employees are expected to remain with the business post-acquisition. This continuity is designed to provide operational stability and support the company’s future growth under Wafra’s ownership. Headquartered in Ponte Vedra, Florida, with six locations, Navitas specializes in financing essential-use equipment for small and mid-sized businesses nationwide.

For Wafra, a global alternative investment manager, the deal marks a significant expansion of its presence in the specialty finance sector. The acquisition of Navitas provides Wafra with a scaled and established equipment finance platform with a national reach and a strong position in the small and mid-sized business market.

BofA Securities acted as the exclusive financial advisor to United Community Banks in the transaction, while Squire Patton Boggs (US) LLP served as its legal advisor. Wafra was represented by a team of legal advisors, including Sidley Austin LLP, Chapman and Cutler LLP, and Clifford Chance LLP.

As the deal moves toward its expected closing in the third quarter, stakeholders will be watching how United deploys its strengthened capital base to deepen its competitive position in the Southeast. At the same time, the performance of Navitas under its new ownership will be closely observed to see how the business leverages its newfound ability to grow without the portfolio constraints of a bank holding company.