United Bancorporation of Alabama Receives Capital Investment from Treasury Department

ATMORE, Ala., July 13, 2022 /PRNewswire/ — United Bancorporation of AlabamaInc., parent company of United Bank, Town-Country United Bank and UB Community Development, received a $123 million investment from the United States Department of the Treasury under its Emergency Capital Investment Program, or ECIP.

(PRNewsfoto/United Bancorporation)

United Banking Corporation of Alabama receives a capital investment from the Treasury Department

The new capital is intended to be used by United to further expand lending efforts for borrowers in underserved, low-income and minority communities.

The Emergency Capital Investment Program was created to encourage low- and middle-income community financial institutions to increase their efforts to support small businesses and consumers in their communities. “ECIP has revolutionized our lending efforts as CDFIs and for the communities and people we serve,” said the CEO and Chairman of United Bank. Michael Vincent said. “This has provided us with an unprecedented opportunity to expand our services to underserved rural, urban and minority communities.”

ECIP will provide up to $9 billion capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or Minority Depository Institutions (MDIs) for small businesses, minority-owned businesses, and consumers, especially in communities with low-income and underserved, who may be disproportionately affected by the economic effects of the COVID-19 pandemic.

United Banking Corporation of AlabamaInc. (OTCQX: UBAB) is a $1.2 billion financial holding company which mainly serves Southwest Alabama as good as Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. United operates three subsidiaries: United Bank, Town-Country United Bank and UB Community Development. United Bank is also designated as CDFI and operates 22 branches in five counties. The recently acquired Town-Country United Bank serves Wilcox County and its surrounding counties. UB Community Development focuses on economic and community development through its New Market Tax Credit, Affordable Housing and Community Facilities programs. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, City of Frisco, Minette Bay, Daphne, Foley, liliana, Loxley, Magnolia Springs, Seeds, silver hill, strong spanish and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Rhythm.

Contact:
Tina Brooks
Senior Vice President, Corporate Secretary
[email protected]
251-446-6001

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SOURCE United Bancorporation

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