United Bancorporation of Alabama, Inc. Repurchases all Common Stock Held by its 401(K) Employee Stock Ownership Plan

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Nov 18, 2024, 09:27 ET

ATMORE, Ala., Nov. 18, 2024 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc. announced today that it has completed the repurchase of all of its shares of common stock held by the United Bancorporation of Alabama, Inc. 401(k) Employee Stock Ownership Plan ("KSOP"). All 197,717 shares of United common stock held by the KSOP were repurchased at $54.25 per share, for an aggregate purchase price of approximately $10.7 million.

The transaction was negotiated by representatives of United and the KSOP Trustee, with fiduciary and financial guidance provided by a qualified independent appraiser, an independent opinion as to the adequacy of the consideration paid to the KSOP, and separate counsel for United and the KSOP Trustee. A Special Independent KSOP Trustee was appointed solely for purposes of reviewing and negotiating the terms of the transaction on behalf of the KSOP. The transaction closed on Friday, November 15, 2024.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. is a $1.4 billion financial holding company and parent company of United Bank and UB Community Development, primarily serving Southwest Alabama and Northwest Florida. United is designated as a CDFI, committed to stimulating economic development in underserved communities. United and its subsidiaries operate 23 locations across six counties. UB Community Development focuses on economic and community development through New Markets Tax Credits, affordable housing and community facilities programs. For a complete quarterly report visit our investor relations tab at www.UnitedBank.com. Member FDIC.

SOURCE United Bancorporation