United Bancorporation of Alabama, Inc. Announces A New Stock Repurchase Program

Rhea-AI Summary

United Bancorporation of Alabama has announced a new stock repurchase program, allowing the company to buy back up to 188,298 shares, which represents approximately 5% of its outstanding common stock. This program replaces the previous one that expired in November 2021. Repurchases will depend on market conditions and the company's financial performance. As of February 28, 2022, United Bancorporation reported total assets of $1.18 billion, loans of $653.5 million, and total deposits of $1.05 billion.

Positive

• New stock repurchase program approved to buy back up to 188,298 shares.
• Repurchase program reflects confidence in the company's financial health.
• Total assets reported at $1.18 billion indicate strong financial standing.

Negative

• None.

ATMORE, Ala., April 1, 2022 /PRNewswire/ -- (OTCQX: UBAB)- United Bancorporation of Alabama, Inc., parent company of United Bank, Town-Country United Bank and UB Community Development, announced today that the Board of Directors has approved a new stock repurchase program ("2022 Repurchase Program"). Under the repurchase program, the Company may repurchase up to 188,298 shares or approximately 5% of the currently outstanding shares of its common stock. The 2022 Repurchase Program replaces the previous repurchase program that expired in November 2021.

United Bancorporation of Alabama, Inc. Announces A New Stock Repurchase Program

Repurchases will be made at the discretion of management in accordance with the limitations set forth in rule 10b-18 of the Securities and Exchange Commission when pricing is considered attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases and negotiated transactions at prevailing market prices will be conducted in accordance with applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason. There is no guarantee as to the exact number of shares that will be repurchased by the Company.

This news release reflects current industry conditions, Company performance and financial results and contains "forward-looking statements," which may include projections of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place unwarranted reliance on forward-looking statements. The incorporation of forward-looking statements should not be interpreted as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved.

United Bancorporation is headquartered at 200 East Nashville Ave, Atmore, AL. As of February 28, 2022, United Bancorporation of Alabama, Inc. had total assets of $1.18 billion, loans of $653.5 million and total deposits of $1.05 billion.

This press release appears as a matter of record only and shall not constitute an offer to sell or the solicitation of an offer to buy securities.

About United Bank
United Bank is a $1,000,000,000 financial institution that has enjoyed 118 years of continuous service to Atmore, Alabama and surrounding communities. 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. For more information about United Bank please visit our website at www.unitedbank.com. Member FDIC.

Contact:
Tina Brooks
SVP, Corporate Secretary
(251) 446-6001
Tina.brooks@unitedbank.com

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SOURCE United Bank

FAQ

What is the new stock repurchase program announced by UBAB?

The new stock repurchase program allows United Bancorporation of Alabama to buy back up to 188,298 shares, approximately 5% of its outstanding common stock.

What are the financial metrics of UBAB as of February 28, 2022?

As of February 28, 2022, United Bancorporation reported total assets of $1.18 billion, loans of $653.5 million, and total deposits of $1.05 billion.

When did UBAB's previous stock repurchase program expire?

The previous stock repurchase program of United Bancorporation expired in November 2021.

How will UBAB carry out its stock repurchases?

Stock repurchases by United Bancorporation will be made at management's discretion, taking into account pricing, market conditions, and the company's financial performance.