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.”
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!
NCIF invited 10 partner CDFI and Minority Banks to identify small business customers that are integral to their local communities and needed support to sustain their respective businesses through the pandemic. NCIF used over $100,000 of its own funds to pilot an unrestricted microgrant program as gap funding to these customers. Our first batch of microgrants was given to social entrepreneurs, retail businesses, community facilities, affordable housing organizations, arts nonprofits, and other small businesses across the country. These CDBA members are First Southwest Bank, Carver Federal Savings Bank, City First Bank of DC, Community Bank of the Bay, First Eagle Bank, Industrial Bank, Native American Bank, Providence Bank & Trust, Southern Bancorp, and United Bank.