United Bancorporation of Alabama, Inc. Releases Annual & Impact Report

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB) released its 2020 Annual & Impact Report, showcasing strong financial performance during the pandemic. Key highlights include record high income, a $6 million Capital Magnet Fund award, and a $799,000 Financial Assistance award. The company also announced plans to acquire Town-Country National Bank, which has $126.2 million in assets as of December 31, 2020. CEO Bob Jones emphasized the importance of diverse income sources for stability and growth.

Positive

• Record high income reported for 2020.
• $6 million award from the Capital Magnet Fund.
• $799,000 Financial Assistance award received.
• Acquisition of Town-Country National Bank with $126.2 million in assets.

Negative

• None.

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.

Contact:
Tonya Lambert
2514466004
Tonya.Lambert@unitedbank.com

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SOURCE United Bancorporation

FAQ

What did United Bancorporation of Alabama (UBAB) announce in their 2020 Annual Report?

United Bancorporation of Alabama announced record high income, a $6 million Capital Magnet Fund award, and plans to acquire Town-Country National Bank.

How much was the Capital Magnet Fund award received by UBAB?

UBAB received a $6 million Capital Magnet Fund award.

What is the total asset value of Town-Country National Bank that UBAB plans to acquire?

Town-Country National Bank has approximately $126.2 million in total assets.

When is the acquisition of Town-Country National Bank scheduled to close?

The acquisition of Town-Country National Bank is scheduled to close in the third quarter of 2021.