ATMORE, Ala., April 14, 2021 /PRNewswire/ — United Bancorporation of Alabama Inc. (OTCQX: UBAB) (the»Company»), parent company of United Bank and UB Community Development, released its 2020 Annual & Impact Report, documenting annual progress and corporate strategic initiatives as well as finding new innovative ways to meet our customer, community and employee’s needs during the pandemic. The report highlights several corporate successes such as record high income, a $6 million Capital Magnet Fund award, and a $799,000 Financial Assistance award, in addition to community and economic development projects from both United Bank and UB Community Development, a community development partner of United Bank. The emphasis in this report was on our multi-bottom line commitment of strong financial performance, community and economic development.
«The diversity of our income sources gave us the ability to offset trends, weather disruption, and maintain stability. We’re confident this same diversity of income will sustain and propel us forward,» said Bob Jones, President & Chief Executive Officer, United Bank. «Our Company is starting off the year in a very strong position accomplishing several strategic milestones. On February 22, 2021, United Bank received an award of $8 million from the US. Department of Treasury’s Capital Magnet Fund program. United Bank was one of two applicants to receive an $8 million award, which was the largest award granted to a single entity. On March 17, 2021 United Bancorporation of Alabama, Inc. announced an agreement to acquire Town-Country National Bank, a Camden, AL based community bank with approximately $126.2 million in total assets as of December 31, 2020. The acquisition is scheduled to close in the third quarter of 2021.»
You can download and read our Annual Impact report at www.UnitedBank.com on our Investor Relations tab or visit our microsite at www.UnitedBankAnnualReport.com. For information about UB Community Development visit www.UBCommunityDevelopment.com.
SOURCE United Bancorporation