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.”
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program. The 7 CDBA member banks receiving awards were Central Bank of Kansas City, The Harbor Bank of Maryland, Peoples Bank, Legacy Bank & Trust, Sunrise Banks, Southern Bancorp, and United Bank.
United Bancorporation of Alabama, Inc. ("UBAB") today announced that it has signed a definitive agreement to acquire Town-Country National Bank ("TCNB"), a Camden, AL based community bank with approximately $126.2 million in total assets as of December 31, 2020. TCNB shareholders will receive aggregate cash consideration of $28.5 million, with a portion of the consideration paid as a special dividend prior to the close of the transaction. TCNB will rebrand as Town-Country United Bank and operate as a separate banking subsidiary under UBAB. "The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence in Camden, AL, where we are excited to introduce the United brand," explained Robert R. Jones III, CEO, President and Director of UBAB.
In its largest award round to date, the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced Feb. 22 that more than $175.4 million in Capital Magnet Fund awards (CMF) have been distributed during its sixth funding round. The fiscal year (FY) 2020 award round also saw the largest number of award recipients with 48 organizations receiving funds. The 48 awardees were selected from 137 applications, which requested more than $642.2 million in awards this CMF round. Congratulations to CDBA members Beneficial State Bancorp, Inc., Central Bank of Kansas City, City First Enterprises, Inc., United Bank, and Virginia Community Capital, Inc. on their Capital Magnet Fund awards!