United Bank of Alabama
Founded in 1904, United Bank is a community bank that is deeply rooted in the communities it serves through its 17 branches. The bank’s community development initiatives are directed towards improving the social and economic conditions of the distressed communities and underserved individuals throughout rural southwest Alabama and northwest Florida. United Bank is a certified Community Development Financial Institution, and was a recipient of the 2011 FDIC Chairman’s Award for Excellence for developing a checking account for consumers with low or no credit scores. In all things, United Bank seeks to accomplish its mission of “Strength through service excellence.”
This year has certainly tested bank executives' ability to manage during a crisis. Apart from dealing with the myriad of business challenges thrown at them by the coronavirus pandemic, they are trying to maintain morale of employees, many of whom are working remotely and coping with stresses of their own. This year American Banker asked executives at the 85 institutions that make up our ranking of the Best Banks to Work For to reveal how they have kept employees engaged and motivated in this most difficult of years. Included on this list are FNBC Bank, BankPlus, and United Bank.
The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund has awarded $265 million to five CDFI banks and their affiliated entities, all of which are CDBA members. The CDFI bank awards are as follows: $50 million to Carver Financial Corporation, affiliated with Carver State Bank of Savannah, GA; $50 million to Harbor Bankshares Corporation, affiliated with The Harbor Bank of Maryland in Baltimore, MD; $50 million to SB New Markets CDE, LLC, affiliated with Sunrise Banks of Saint Paul, MN; $50 million to Southern Bancorp of Arkadelphia, AK; $65 million to UB Community Development LLC, affiliated with United Bank of Atmore, AL
The CDFI Fund recently awarded 23 CDFIs Capital Magnet Fund awards for FY 2019. Among the awardees were Beneficial State Bank, Legacy Bank and Trust, United Bank, and Virginia Community Capital. The Capital Magnet Fund helps to create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital. The Capital Magnet Fund awards competitive grants to CDFIs and qualified non-profit housing organizations. These organizations use the grants to develop, rehabilitate, reserve, and purchase affordable housing, particularly housing targeted to Low-, Very Low-, and Extremely Low-Income families.