United Bancorporation of Alabama receives capital investment from Department of the Treasury
ATMORE, Ala., July 13, 2022 /PRNewswire/ -- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country United Bank and UB Community Development, has received a $123 million investment from the U.S. Department of the Treasury under its Emergency Capital Investment Program, or ECIP.
The new capital is intended to be used by United to further increase lending efforts for borrowers in underserved, low-income and minority communities.
The Emergency Capital Investment Program was created to encourage low- and moderate-income community financial institutions to augment their efforts to support small businesses and consumers in their communities. "ECIP has revolutionized our lending efforts as a CDFI and to the communities and people we serve," United Bank CEO and President Mike Vincent said. "It has provided an unprecedented opportunity for us to expand our services to underserved rural, urban and minority communities."
ECIP will provide up to $9 billion in 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 low-income and underserved communities, that may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a $1.2 billion financial holding company that primarily serves Southwest Alabama as well 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 a CDFI and operates 22 branches across 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 Markets Tax Credits, affordable housing and community facilities programs. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill, Spanish Fort and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace.
Contact:
Tina Brooks
Senior Vice President, Corporate Secretary
[email protected]
251-446-6001
SOURCE United Bancorporation
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