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UB Community Development Announces $10 Million in New Markets Tax Credit Funds to $87 Million Coastal Growers Peanut Shelling Plant in Atmore

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the placement of $10 million of their New Markets Tax Credit (NMTC) allocation into Coastal Growers. UBCD, jointly with Baker Tilly, assisted in sourcing an additional $50 million in New Markets Tax Credit allocations from partner Community Development Entities including MuniStrategies, allocating $5 million, Rural Development Partners $15 million, Waveland $15 million and National Impact Fund $15 million. Additionally, United Bank applied for and received a $40 million Business and Industry Loan Guarantee from USDA Rural Development to support the project financing.

Alex Jones, President of UB Community Development, stated “It is not often that you get to support a project that will have such extensive impact. UBCD and United Bank are honored that Coastal Growers and over 100 farm families trusted us to guide them through the process of sourcing and structuring a project of this scope. This was a team effort at the City, State and Federal levels to pull such a complex project together.”

The new 475,000-square-foot facility will source peanuts within a 200 mile radius from farms in Mississippi, Alabama, Georgia and Florida. The project will create 130 permanent jobs with training and career advancement opportunities in addition to 95 construction jobs. The project anticipates shelling 140,000 tons of peanuts annually, which will be sold domestically and internationally.

Coastal Growers currently works with 100 regional farms with over 200 employees and $4.8 million in total wages. Upon completion they anticipate working with 130 regional farms supporting almost $8 million of wages.

“Without the continuing support of Alex Jones and the team at UB Community Development, Coastal Growers would still merely be a dream,” said Brad Smith, President of Coastal Growers. “Their dedication to the project during times of uncertainty with COVID-19 and political upheaval show their commitment to customers and the community. Simply put, without UBCD, Coastal Growers would not exist nor would the jobs it has created and the ones it will create in the near future.”

Several significant environmental benefits are recognized through the vision of this project including decreased transportation emissions due to the proximity of the project to the growers and buying points. This results in 250,000 fewer gallons of fuel burned annually and sustainable farming practices used by growers results in a reduction of water use by 90,000 gallons annually.

A number of partnerships made this project possible. The City of Atmore, through its Industrial Development Board, has extended an abatement of non-educational ad-valorem taxes for 10 years, as well as an initial abatement on construction-related non-educational sales and use taxes on construction materials and equipment. The city also offered to purchase 15 acres of property and construct a rail spur to service the facility as well as other projects in the area for a total cost of $2.5 million. Finally, the city will also donate 60 acres of land for construction of the facility which saves the project $240,000.

Additional support includes a new rail transload facility which will service several nearby businesses in addition to Coastal Growers, and the potential future expansion of a blancher at the project site. The project received a $2,000,000 loan from the Alabama Farmers Association (ALFA) as well as $937,000 of contributed value for workforce training from the AIDT (Alabama’s Workforce Training Program). Coastal Growers also received $8.2 million in Alabama Investment Tax Credits over a 10-year period.

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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Project Address

20815 Bishop Road
Fairhope, AL 36532

Project Name

Graceway Apartments
Fairhope, Alabama

Amount of Capital Magnet Fund

  • $550,000

Community Profile

  • Population: 22,085
  • Unemployment: 2.7%
  • Poverty: 10.1%
  • Household Median Income: $58,767

Community Impact

  • Graceway is a 48-unit senior development with 44 one-bedroom units and 4 two-bedroom units. Eighteen units are reserved for households at or below 60 percent of the area median income and 30 units serve households at or below 50 percent of the area median income. Five of the units are designated for veterans. As of November 2020, the development is 100 percent occupied.
  • Graceway Apartments are in close proximity to numerous amenities and services including a hospital, grocery stores, banks, pharmacies, restaurants, churches, and local parks, as well as the Nix Senior Center, Fairhope Public Library and Fairhope Recreation Center.

Project Highlights

  • A ribbon cutting and open house was held on November 13, 2020 to officially celebrate the opening and occupancy of Graceway Apartments
  • “We appreciate UBCD and United Bank partnering with us on the Graceway project,” said David Morrow, President of The Morrow Companies. “The expertise of the United team was invaluable in helping us craft a creative structure that recognized the unique aspects of the transaction, and will ensure the project’s success.”

Graceway Apartments, a UB Community Development (UBCD) Capital Magnet Fund Success Story

United Bank provided $550,000 in secondary financing to The Morrow Companies for the construction of Graceway Apartments, a 48-unit affordable, multi-family project for seniors to be built in Fairhope, Alabama. A substantial portion of the funding is from United Bank’s 2017 Capital Magnet Fund Award managed by UB Community Development, a community development partner of United Bank. United Bank also provided $3.3 million in additional funding, as a participant in BBVA Bank’s construction facility.

Graceway Apartments has 44 one-bedroom units and 4 two-bedroom units. Eighteen units are reserved for households at or below 60 percent of the area median income and 30 units serve households at or below 50 percent of the area median income. Five of the units are designated for veterans. As of November 2020, the development is 100 percent occupied.

Graceway Apartments are in close proximity to numerous amenities and services including a hospital, grocery stores, banks, pharmacies, restaurants, churches, and local parks, as well as the Nix Senior Center, Fairhope Public Library and Fairhope Recreation Center. “We appreciate UBCD and United Bank partnering with us on the Graceway project,” said David Morrow, President of The Morrow Companies. “The expertise of the United team was invaluable in helping us craft a creative structure that recognized the unique aspects of the transaction, and will ensure the project’s success,” added Morrow.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the U.S. Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low-income people nationwide. In 2017, United Bank was the only Alabama-based bank to receive a Capital Magnet Fund award, and is further validation of United’s strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded United Bancorporation of Alabama (OTCQX: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and nonprofits in rural areas. Finally, UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by Capital Magnet Fund (CMF) awards allocated through the US Department of Treasury. Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. Like the New Markets Tax Credit awards, United Bank is the only Alabama-based bank to receive and administer these programs.

Download the success story here.

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Project Address

880 Old Sardine Road
Flomaton, AL 36441

Project Name

Escambia Peanut Company, LLC
Flomaton, Alabama

Amount of New Markets Tax Credit Funds

  • $11.6 million

Community Profile

  • Population: 37,000
  • Unemployment: 6.5%
  • Poverty: 24%
  • Household Median Income: $35,000

Community Impact

  • The farmer-members will use the NMTC funding to purchase new equipment, expand to existing facilities and consolidate ownership among the family farmers.
  • Escambia Peanut Company will now deliver their peanuts to the new Atmore shelling plant project, Coastal Growers, LLC, also a farmer-owned facility utilizing New Markets Tax Credits for its funding.

Project Highlights

  • Escambia Peanut Company is a 109,000-square-foot peanut buying point that uses cleaners, dryers, storage sheds and handling equipment to clean and store peanuts prior to shipment to peanut shelling plants.
  • UB Community Development used their knowledge in structured financing to minimize transactional cost to Escambia Peanut. United Bancorporation of Alabama acted as tax credit investor and United Bank provided the leverage for the transaction, further optimizing the capital investment provided.

Escambia Peanut Company, LLC., a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $11.6 million in New Markets Tax Credit (NMTC) funding to Escambia Peanut Company, LLC in Flomaton, Alabama. Escambia Peanut serves as a buying point and warehousing facility for peanut producers in southwest Alabama and northwest Florida. UB Community Development used their knowledge in structured financing to minimize transactional cost to Escambia Peanut. United Bancorporation of Alabama acted as tax credit investor and United Bank provided the leverage for the transaction, further optimizing the capital investment provided.

Escambia Peanut Company, LLC is a 109,000-square-foot peanut buying point that utilizes cleaners, dryers, storage sheds and handling equipment to clean and store peanuts prior to shipment to the peanut shelling plant. Escambia Peanut Company, LLC will now deliver their peanuts to the new Atmore shelling plant project, Coastal Growers, LLC, also a farmer owned facility utilizing New Markets Tax Credits for its funding.

Operating for more than seven years, Escambia Peanut serves family farmers in the rural counties of Monroe, Escambia (FL & AL) and Santa Rosa, Florida. With more than thirty existing farmer members, Escambia Peanut utilized NMTC funding to purchase new equipment, expand existing facilities and most importantly consolidate ownership amongst the family farmers. Escambia Peanut began as a partnership between family farmers in Alabama and Florida with a family owned peanut sheller. After a multi-national corporation acquired the sheller, the farmers decided they need to acquire control of the company.

“UB Community Development works daily to improve the financial viability of our rural communities and their residents,” said Alex Jones, President of UB Community Development. “By assisting the family farmers in their ownership acquisition of Escambia Peanut, we have ensured that they will gain more of the economic benefit from the peanuts they plant and harvest every year.”

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded United Bancorporation of Alabama (OTCQX: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and nonprofits in rural areas. Finally, UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by Capital Magnet Fund (CMF) awards allocated through the US Department of Treasury. Since 2018, United Bank has been the recipient of two CMF awards totaling $10 million. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based bank to receive and administer these programs.

Download the success story here.

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Project Address

14809 Gates Avenue
Magnolia Springs, AL 36555

Project Name

Magnolia Springs Fire Department
Magnolia Springs, Alabama

Amount of Community Facilities Lending Funds

  • $330,000

Community Profiles

  • Population: 816
  • Poverty Rate: 8.4%
  • Unemployment Rate: 3.6%
  • Household Median Income: $55,759

Project Highlights

  • The purchase of the new truck was funded by a $285,000 FEMA Assistance to Firefighters grant. The Community Facilities Lending Funds were used to purchase additional equipment, such as a generator, power saw, chain saw and fire hose.
  • The new equipment increases the department’s water capacity from 750 to 3,000 gallons. In addition, the old truck was an open-cab style with no doors, which left firefighters unprotected in the event of an accident. The new truck has a closed cab, offering significantly more protection for firefighters.
  • “It means a lot to have equipment that’s up to date and in compliance,” said Fire Chief Kaylan Driskell. “This greatly improves our ability to respond to calls and protect lives and property in Magnolia Springs and the surrounding areas we serve. It’s a great asset to our department.”

Magnolia Springs Fire Department, a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $330,000 in Community Facilities Lending funding for the purchase of a new fire truck for the City of Magnolia Springs Fire Department.

Firefighters undergo technical and physical endurance training to earn their certifications. They are trained to provide services in the midst of tragic emergencies. Emergency services are critical functions of a community. Having an operational, reliable fire truck is an important component to fire departments.

The Magnolia Springs Fire and Rescue is an all-volunteer organization with 30 members who respond to fire, medical and other emergencies in roughly 35 square miles of residential, wildland and waterfront area. The replacement of a 1984 fire truck with a new 2020 model greatly expands the department’s ability to respond to emergencies. The new, updated equipment also provides enhanced safety protection for firefighters.

The purchase of the new truck was funded by a $285,000 FEMA Assistance to Firefighters Grant (AFG). The Community Facilities Lending Funds were used to purchase additional equipment, such as a generator, power saw, chain saw and fire hose.

The new equipment increases the department’s water capacity from 750 to 3,000 gallons. In addition, the old truck was an open-cab style with no doors, which left firefighters unprotected in the event of an accident. The new truck has a closed cab, offering significantly more protection for firefighters.

“It means a lot to have equipment that’s up to date and in compliance,” said Fire Chief Kaylan Driskell. “This greatly improves our ability to respond to calls and protect lives and property in Magnolia Springs and the surrounding areas we serve. It’s a great asset to our department.”

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded United Bancorporation of Alabama (OTCQX: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and nonprofits in rural areas. Finally, UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by Capital Magnet Fund (CMF) awards allocated through the US Department of Treasury. Since 2018, United Bank has been the recipient of two CMF awards totaling $10 million. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based bank to receive and administer these programs.

Download the success story here.

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UB Community Development Announces $11.6 Million in New Markets Tax Credit Funding to Escambia Peanut

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $11.6 million in New Markets Tax Credit (NMTC) funding to Escambia Peanut Company, LLC in Flomaton, Alabama. Escambia Peanut serves as a buying point and warehousing facility for peanut producers in southwest Alabama and northwest Florida. UB Community Development used their knowledge in structured financing to minimize transactional cost to Escambia Peanut. United Bancorporation of Alabama acted as tax credit investor and United Bank provided the leverage for the transaction, further optimizing the capital investment provided.

Escambia Peanut Company, LLC is a 109,000-square-foot peanut buying point that utilizes cleaners, dryers, storage sheds and handling equipment to clean and store peanuts prior to shipment to the peanut shelling plant. Escambia Peanut Company, LLC will now deliver their peanuts to the new Atmore shelling plant project, Coastal Growers, LLC, also a farmer owned facility utilizing New Markets Tax Credits for its funding.

Operating for more than seven years, Escambia Peanut serves family farmers in the rural counties of Monroe, Escambia (FL & AL) and Santa Rosa, Florida. With more than thirty existing farmer members, Escambia Peanut utilized NMTC funding to purchase new equipment, expand existing facilities and most importantly consolidate ownership amongst the family farmers. Escambia Peanut began as a partnership between family farmers in Alabama and Florida with a family owned peanut sheller. After a multi-national corporation acquired the sheller, the farmers decided they need to acquire control of the company.

“UB Community Development works daily to improve the financial viability of our rural communities and their residents,” said Alex Jones, President of UB Community Development. “By assisting the family farmers in their ownership acquisition of Escambia Peanut, we have ensured that they will gain more of the economic benefit from the peanuts they plant and harvest every year.”

For more information about UB Community Development or for assistance with funding or structuring your next project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is a $903,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development Announces Affordable Housing Capital Magnet Funds for the Construction of Providence Park Apartments

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced United Bank has provided $340,000 in secondary financing to The Bennett Group for the construction of Providence Park Apartments, a 56-unit, affordable multifamily project in Opelika, Alabama. Funding for this loan was made possible due to the bank’s 2017 Capital Magnet Fund award. United Bank is also providing an additional $3.4 million in funding to the project, as a participant in Auburn Bank’s construction loan facility.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide. Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. United Bank is the only Alabama-based bank to receive and administer Capital Magnet Fund awards, further validating our strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at
(205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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Coastal Growers to Build Facility in Atmore

Atmore, AL – Coastal Growers LLC and the State of Alabama today announced the company has entered into an agreement to build a peanut shelling plant in Atmore, bringing 100 or more jobs to the area and turning the Escambia County City into a hub for peanut shelling in southwest Alabama.

The company, which will be owned by a cooperative of farmers – most of them residing in Alabama – will build an $87 million shelling and storage facility in the Atmore Industrial Park on more than 60 acres of land.

“The Coastal Growers facility in Atmore will become a vital resource for peanut farmers in Alabama and beyond by helping to make their operations more sustainable and profitable,” Alabama Gov. Kay Ivey said. “I look forward to seeing the impact that this project is going to have for our farmers and for the region.”

“We are excited to be able to announce this project today, to bring peanut shelling to south Alabama, and to bring economic benefit to the hard-working farmers of our state who so desperately need it,” said Paul Turner, an attorney representing the company. “We also offer our sincere gratitude to Alabama Gov. Kay Ivey, Atmore Mayor Jim Staff and everyone else who made this project possible and brought us to Atmore, including the Alabama Farmers Federation and the Alabama Peanut Producers Association, both of which were vital in the project’s development.”

Coastal Growers’ Brad Smith and Joe Parker, two of the driving forces behind the project, said the Atmore location proved to be the perfect site for the company and what it wants to do.

“The peanuts we have in this area are among the highest quality available, yet we really had no infrastructure for shelling in this area,” said Parker, who is also owner and general manager of Summerdale Peanut in Baldwin County.

“While we looked at other possibilities in other states, Atmore really did make the best sense for us in the end, and the state was strongly supportive of our efforts the entire time,” Smith said. “They did a fantastic job of making us feel welcome in Escambia County.”

Mark Kaiser, a Baldwin County farmer, said the new facility would allow farmers to capture more of the profit from their own crops, enriching them and giving them more control over their own operations. “The process doesn’t end when you grow the peanut and harvest it; you still have to shell it before you can sell it to an end user,” Kaiser said. “So you’re kind of at the mercy of being able to find a good price from an out-of town sheller, but it’s going to cost you some of your crop profit regardless. This facility will be owned by the farmers that use it, and they’ll keep those profits themselves. That’s good for both the farmers and for the immediate area, because the money will just keep turning over locally.”

Another local farmer, Darrin Driskell, concurred with Kaiser. “As a Gulf Coast family farm that has been in the production of peanuts for many years, Coastal Growers will be the best thing that has happened to the peanut producers in this area,” said Driskell. “Whether producers are a member or not, the local farmerstock peanut prices are going to rise and create stability for farmers in these uncertain times.”

Atmore Mayor Jim Staff said the city welcomed Coastal Growers and was excited to be able to help the area’s local farmers at the same time. “It’s not just the jobs at the plant itself, even with as much opportunity as that will bring to the city,” said Staff. “It’s what we’re able to do for our farmers and their families who have lived here and worked here for generations. They’ve spent their money in Atmore and they’re an important part of our community. So the fact that they win and the workers of the plant win, too, makes this a win for all of Atmore and Escambia County.”

Glenn Spivey, president of Hollis & Spann Inc. of Dothan, will be heading up the construction efforts for the new facility. Spivey said the new facility will take about a year to build and would encompass more than 400,000 square feet of enclosed space.

“This is a huge project with a lot of moving parts, and it needed to be sited correctly the first time and in the best location possible,” Spivey said. “We think Atmore is the perfect place for this, and we appreciate the hard work of the governor’s office and local officials to help us make this a reality for
Coastal Growers.”

Jess Nicholas of Centerfire Economic, who serves in the capacity of executive director for the Escambia County Industrial Development Authority, said ultimately the project will employ more workers and possibly attract other businesses to the immediate area.

“We expect to eventually see 150 people working here, and the total impact will be even more significant,” said Nicholas. “Shelling operations tend to attract other businesses in this sector, and also spur development in infrastructure and other areas. We expect it to have a positive effect on the Port of Mobile as well. We worked hard to bring Coastal Growers here, and we’re very thankful to Coastal Growers for picking us, and for Governor Ivey for supporting our efforts. We’re on the map now as far as peanut production is concerned.”

Alex Jones, President of UB Community Development LLC, a community development affiliate of United Bank, led efforts to secure financing for the project, utilizing New Markets Tax Credits, incentives and traditional financing, and said the impact across the region would be immense.

“We have farmers from one side of the state to the other who are involved in this, in Florida and Mississippi as well, and even up the state into the Sand Mountain area,” said Jones. “This is a complex process and not the typical economic development project in any way, but in the end, it’s going to mean a lot for our region, for Atmore, for Escambia County and our state. We are committed to supporting projects across Alabama and Florida that support rural communities and their residents.”

Turner said the average wage in the plant would be more than $17 per hour for the 100-plus full-time workers. The company plans to offer benefits on top of that. There will be other temporary positions added each year during peak shelling times.

Nicholas added that the project couldn’t have come at a better time for the state and Escambia County. “We’re all dealing with COVID-19 and other matters, and the economy, while resilient, has been affected,” he said. “But even with COVID-19 out there, peanuts keep growing and we have to find a way to get them to market. This may not be a totally ‘COVID-proof’ industry but it certainly helps us to diversify our local economy and helps get us through difficult times.”

For more information about UB Community Development, or for help planning your next funding or structuring your next project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at (205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at at www.UBCommunityDevelopment.com.

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UB Community Development Announces Affordable Housing Capital Magnet Funds for the Construction of Sweetwater Ridge Apartments

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided $400,000 in secondary financing to Vizion Driven Communities and Judy Van Dyke, for the construction of Sweetwater Ridge Apartments, a 56-unit, affordable multifamily housing project in Florence, Alabama. This project marks the first phase of a Rental Assistance Demonstration redevelopment in partnership with the Florence Housing Authority. Funding for this loan was made possible due to the bank’s 2019 Capital Magnet Fund award. United Bank is also providing an additional $4.3 million in construction funding to the project.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide. Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. United Bank is the only Alabama-based bank to receive and administer Capital Magnet Fund awards, further validating our strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at (205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at at www.UBCommunityDevelopment.com.

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UB Community Development Announces Affordable Housing Capital Magnet Funds for the Renovation of Elmwood Manor Apartments

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided $205,000 in secondary financing to The Morrow Companies and Southeastern Affordable Housing Corporation for the renovation of Elmwood Manor Apartments, a 47-unit, affordable senior adult multifamily project in Eutaw, Alabama. Funding for this loan was made possible due to the bank’s 2017 Capital Magnet Fund award. United Bank is also providing an additional $4.2 million in construction funding to the project.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide. Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. United Bank is the only Alabama-based bank to receive and administer Capital Magnet Fund awards, further validating our strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at (205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development Announces $4.25 Million Facility Loan for the Renovation of Sun Pointe Apartments

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided a $4.25 million renovation loan for Sun Pointe Apartments, a 56-unit, affordable family housing project in Andalusia, Alabama. Hall Housing Investments is the developer leading the renovation. Originally built in 2003, Sun Pointe will be undergoing a total renovation and upgrade, preserving the existing affordable housing facility.

“As rental housing costs continue to increase, it is vital that existing affordable housing is preserved and updated,” said Joe Raines, Senior Vice President of United Bank. “United Bank is excited to be part of this effort to make sure that hard-working families in Andalusia have safe and affordable housing in which to live.”

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at
(205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email tonya.lambert@unitedbank.com.

About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 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, Summerdale and Semmes 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.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.