UB Community Development Announces $7 Million in New Markets Tax Credit Funding for Realty Masters LLC, an affiliate of ColorMasters, LLC in Albertville for Construction of Railyard Facility

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, allocated $7 million in New Markets Tax Credit (NMTC) as part of a $14 million railyard facility at Realty Masters, LLC, an affiliate of ColorMasters, LLC in Albertville, Alabama. UBCD assisted in sourcing an additional $7 million in New Markets Tax Credit allocation from contributing partnerships, including PNC allocating $2 million and Gulf Coast Housing Partnership allocating $5 million.

“To be able to support such a dynamic company grow and increase hiring in a rural community is exactly what we seek in a project to support,” said Alex Jones, President of UBCD. “Furthermore, when we learned ColorMasters offers an onsite healthcare clinic, it cemented our belief that ColorMasters was a company that deserved support in their expansion.”

An active participant in flexible packaging since 1986, ColorMasters has grown from a 10,000-square-foot facility with one bag machine to over a million square feet of manufacturing and warehousing space housing more than 24 machines delivering packaging and film solutions to the marketplace. A privately-owned company, ColorMasters is providing meaningful jobs to Marshall County as well as significantly increasing their capacity to manufacture, house and ship products all while meeting increasing demand.

“We are pleased to have had another opportunity to work with United Bank and UB Community Development, a community development partner of United Bank,” said Jonn Grochowalski, company official with both ColorMasters, LLC and Realty Masters, LLC. “We are also delighted to be at the vanguard of job creation here in Marshall County. This is a perfect economic development project for our area.”

ColorMasters has built a corporate legacy through organic growth with superior products at competitive pricing. Their high performance state-of-the-art equipment allowed them to efficiently keep up with supply and demand. The company has been proactively building capacity by strategically adding two to three new pieces of equipment for the past several years as it continues to increase market share.

The bulk of material comes in the form of rail cart. The company has been reliant on rail cart service providers who are more than 35 miles away and at times are inconsistent with delivery based on their shipping volume. The arrival of supply materials and distribution is critical and time sensitive. The construction of the 15-acre railyard is within a half mile of their Medlock facility. The railyard will vertically integrate their supply source and allow for more control of material transportation. The railyard will be utilizing the existing railway. With capacity for 100 rail carts, the railyard will allow for consistent shipping and delivery channels.

For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.

About United Bank
United Bank is a $993,000,000 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, Semmes, Daphne 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.

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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United Bank Receives $8 Million in Capital Magnet Funds Award from U.S. Department of Treasury

Atmore, AL – Robert R. Jones, III, President and CEO of United Bank, a subsidiary of United Bancorporation of Alabama, Inc. (OTCQX: UBAB), announced today that United Bank has received an award of $8 million from the U.S. Department of Treasury’s Capital Magnet Fund (CMF) program. The award will be managed by UB Community Development, LLC, a community development partner of United Bank. United Bank was one of 48 entities nationwide to receive a Capital Magnet Fund award from among the 137 applicants. United Bank was one of two applicants to receive an $8 million award, which was the largest award granted to a single entity.

These awards were made through the Fiscal Year (FY) 2020 round of the Capital Magnet Fund, and will support financing for the preservation, rehabilitation, or development of affordable housing for low-income individuals and families. Many low and moderate-income households are cost-burdened, paying more than 30% of their income for housing. The Coronavirus pandemic has laid bare the tenuous position that many households face with being able to find and afford housing. Utilizing the CMF award, United Bank will work with development partners and investors to increase the availability of quality affordable housing.

While discussing the CMF Award, Mr. Jones noted: “United Bank & UB Community Development have become leaders in providing innovative capital solutions to affordable housing developments across the Southeast. We realize our efforts in one area support our efforts in other areas of focus. Everything we do is interdependent, connected and has transformed us into a successful, impactful multi-bottom line Company. Our Company is working together, furthering our multi-bottom line mission by caring for and giving back to our employees, neighbors and communities.”

In addition to the CMF award, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded UBAB and UBCD $185 million in New Markets Tax Credit allocations since 2016. UBAB, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a New Markets 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 mission to bring positive and sustainable economic and quality-of-life improvements to low-income and underserved communities, not only in its traditional banking footprint, but throughout Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBAB, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural and persistent-poverty areas. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based entity to administer the CMF and Community Facilities awards.

About United Bank
United Bank is a $993,000,000 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.

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Project Address

632 Smith Road
Albertville, AL 35951

Project Name

RealtyMasters, LLC. Railyard Facility
Albertville, Alabama

Amount of New Markets Tax Credits

$7 million

Community Profile

Population: 21,460
Unemployment: 3.3%
Poverty: 28.5%
Household Median Income: $40,047

Community Impact

The funds will be used to construct a 15-acre railyard to supply materials at RealtyMasters, LLC, an affiliate of ColorMasters, LLC. ColorMasters is a privately owned company and is providing meaningful jobs to Marshall County.
The bulk of the company’s raw material comes in the form of rail cart, currently more than 35 miles away. At times, they are inconsistent with delivery based on their shipping volume.
The railyard will vertically integrate their supply source and allow for more control of material transportation. With capacity for 100 rail carts, the railyard will allow for consistent shipping and delivery channels.

Project Highlights

“We are pleased to have had another opportunity to work with United Bank and UB Community Development, a community development partner of United Bank,” said Jonn Grochowalski, company official with both ColorMasters, LLC and Realty Masters, LLC. “We are also delighted to be at the vanguard of job creation here in Marshall County. This is a perfect economic development project for our area.”

RealtyMasters, LLC. Railyard Facility, a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, allocated $7 million in New Markets Tax Credit (NMTC) as part of a $14 million railyard facility at Realty Masters, LLC, an affiliate of ColorMasters, LLC in Albertville, Alabama. UBCD assisted in sourcing an additional $7 million in New Markets Tax Credits from contributing partnerships.

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.

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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.

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.”

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.”

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.

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.

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.

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.

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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.

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.

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.

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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.

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.