United Bancorporation of Alabama, Inc. Announces Completion of Acquisition of Town-Country National Bank

Rhea-AI Summary

United Bancorporation of Alabama has successfully completed the acquisition of Town-Country National Bank, enhancing its asset portfolio to over $1.1 billion. The acquisition aims to foster collaboration and community service, with both banks sharing similar cultures and operational philosophies. United Bancorporation's interim president, Mike Vincent, expressed enthusiasm for the combined expertise, while Town-Country's president highlighted the benefits for local customers. This strategic move positions United Bancorporation as a stronger player in the financial services industry of southwest Alabama and the Florida panhandle.

Positive

• Acquisition increases total assets of United Bancorporation to over $1.1 billion.
• Both banks share similar cultures, potentially easing integration.
• Expected to enhance community service and economic support.

Negative

• None.

ATMORE, Ala., July 27, 2021 /PRNewswire/ -- United Bancorporation of Alabama, Inc. announced today that it has completed the acquisition of Town-Country National Bank. Headquartered in Camden, Alabama, Town-Country National Bank will operate independently from United Bank, United Bancorporation's other wholly-owned community bank. With the addition of Town-Country National Bank, United Bancorporation has assets exceeding $1.1 billion dollars.

"We're very excited about Town-Country, a bank that's been successful for a long time. We believe this is a natural fit that brings opportunity to all of us," said Mike Vincent, interim president of United Bancorporation and United Bank. "We know the Town-Country team is bringing a lot of wisdom, knowledge and experience to the table and we look forward to learning from each other."

"United and Town-Country have very similar cultures and deep roots in the communities they serve," Vincent said, "and we believe that together we can continue to support and promote the people and economies in the communities we serve."

"Town-Country is very pleased about becoming part of the United family," said Hal Huggins, president of Town-Country. "This will bring enormous benefit to Town-Country's customers, the town of Camden, and all of Wilcox County, while allowing Town-Country to maintain the same level of service and deep connection to its customers that it has always had."

"The Town-Country acquisition elevates United Bancorporation as a company," commented David D. Swift, Sr., chairman of United Bancorporation of Alabama's board of directors. "Adding Town-Country will be a great fit for the United family and will further solidify our company as a leader in the financial services industry in southwest Alabama and the Florida panhandle."

About United Bancorporation of Alabama, Inc.
United Bancorporation of Alabama, Inc. (OTCQX: UBAB) is a publicly-traded financial services holding company founded in 1982 and is the parent company of United Bank, Town-Country National Bank, and UB Community Development, LLC.

About United Bank
United Bank is an approximately $1.0 billion community development financial institution bank that has enjoyed 117 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, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Semmes, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in with offices in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

About Town Country-National Bank
Town Country National Bank is an approximately $130 million dollar financial institution with its headquarters and sole office in Camden, Alabama. It has served the people and businesses of Camden and Wilcox County, Alabama and the surrounding areas since 1978. For more information about Town-Country, please visit www.tcnbank.com.
Member FDIC.

Contact:
Tina Brooks
Senior Vice President, Corporate Secretary
tina.brooks@unitedbank.com
251-446-6001

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SOURCE United Bancorporation

FAQ

What is the significance of United Bancorporation's acquisition of Town-Country National Bank?

The acquisition enhances United Bancorporation's asset base and strengthens its market position in the financial services industry in southwest Alabama and the Florida panhandle.

What will happen to Town-Country National Bank after the acquisition?

Town-Country National Bank will continue to operate independently while benefiting from the resources and support of United Bancorporation.

How will the acquisition impact customers of Town-Country National Bank?

Customers can expect continued service levels while gaining access to United Bancorporation's expanded resources and financial services.

When was the acquisition of Town-Country National Bank completed?

The acquisition was completed on July 27, 2021.

What is the total asset value of United Bancorporation after the acquisition?

United Bancorporation's total assets exceed $1.1 billion following the acquisition.