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UB Community Development announces Community Facilities Lending Funding for meter replacement for North Baldwin Utilities in Bay Minette, Alabama.

April 29, 2019 – Atmore, AL –UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $3,100,000.00 in Community Facilities Lending funds designated to North Baldwin Utilities (NBU) for the purchase of an estimated 9,400 automatic radio read water meters, two blowers at one of NBU’s wastewater treatment plants and the installation of an additional well. Community Bank Lender Chris Walker helped secure financing for the project.

Established by the City of Bay Minette in 1945, NBU is a public utility providing water, wastewater and natural gas to the residents of North Baldwin County. NBU is governed by a five-member board appointed by the mayor and city council. To better represent the service area, director positions are held by customers who reside in Bay Minette, Stockton and Stapleton. Currently operating at only 44% capacity based on 2016 calculations, NBU proudly serves water to over 40,000 residents. NBU also provides sanitary sewer service to most residents and businesses in Bay Minette. Always expanding to new areas, NBU’s natural gas system currently serves 1,800 residential customers, 24 industrial customers and 335 commercial or other customers.

Over the last 20 years, NBU’s service area has grown exponentially as smaller community water systems needed to be absorbed. Due to this growth, many additional water services have been added to properly serve customers. With new customers and miles of additional territory to cover, NBU is continually looking for ways to allow additional growth as needed. “We never stop undergoing expansion and upgrade projects. We embrace any improvement that can increase efficiency and allow us to offer reasonable rates,” said Jason Padgett, NBU’s General Manager and CEO.

To help employees with the increased workload from additional services, NBU has begun an improvement project to upgrade manual read water meters to automatic read meters. These new meters can transmit directly to NBU employees by just traveling by the meter with no need to stop the vehicle. Once received, automatic meter readings are electronically sent to NBU’s billing software for staff to process. Traditional manual meters require an employee to stop the vehicle and physically find the meter to get a reading. The repeated bending and squatting can become difficult for a meter reader, as well as cause exposure to poisonous plants, insects and unfenced pets. “Our employees work hard and take pride in what they do each day. We want to make sure they are provided with the best tools and equipment. The new radio read meters are an improvement for both employees and customers.” Padgett said.

NBU regularly performs maintenance or replaces water meters to prevent unaccounted for water usage which can drive up utility rates. With more accurate readings, automatic meters can help NBU quickly detect leaks and other minor damage that results in unaccounted for water usage. With many existing manual water meters nearing scheduled replacement, now is the perfect time to upgrade to the automatic meters. Where automatic meters have already been installed, time to collect reads has decreased by 80%. With the additional time, staff can be more efficient and thorough with all aspects of the billing process. With such success with the already installed automatic meters, NBU is working diligently to complete this improvement project.

Padgett commented about the new funding through United Bank, “We’re excited to partner with United Bank on several upcoming projects. Since we live in the community we serve, we strive to support our City, schools and other organizations any way we can. We’re pleased to work with another community-oriented organization like United Bank. With their support, we continue our efforts to offer customers and our community the very best.”

Chris Walker, Commercial Lender of UB Community Development, stated, “I am excited to have the ability to affect the quality of the lives of the residents that North Baldwin Utilities serves. Through this loan process, I have reflected on the impact that Community Facilities Loans have on the quality of life in rural areas and their growth and development. To aid smaller communities in providing services already prevalent in larger cities is truly gratifying.”

For more information about UB Community Development, or for help with planning your next funding project, contact Chris Walker, Commercial Lender of UB Community Development at (251) 446-6049 or email chris.walker@unitedbank.com.

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About United Bank
United Bank is a $670,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, 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.

About UB Community Development
UB Community Development’s strong history as an experienced leverage lender in New Market 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 Capital Magnet Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development announces Community Facilities Lending Funding and full-time job opportunities for the expansion of Hangar Space and Taxiways in the Municipal Airport, in Bay Minette, Alabama.

April 29, 2019 – Atmore, AL –UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced funding totaling $240,000.00 in Community Facilities Lending funds towards the construction of two 10-unit T-Hangars and additional access taxiways at Bay Minette Municipal Airport. The ground breaking of the expansion occurred in December of 2018, and the project officially began in January of 2019. Community Bank Lender Chris Walker helped secure financing for the project $1,212,007 officially executed by Mayor Bob Wills on April 5, 2019.

The engineering report for the upcoming project states “The existing T-hangars at the airport are currently full, and the sponsor has a confirmed waiting list of fourteen additional aircraft. One taxiway will stub off the existing apron to the west and will be approximately 290’ X 35’. The additional taxiways will be built from the new taxiway to the proposed hangars and will each be approximately 288’ X 25’.”

One of the many benefits of the project includes gaining additional rents from hangar space and the accommodation of those who need hangar space. Additional hangar space will be rented, as the City of Bay Minette indicated that they have a waiting list.

Able to accommodate more planes, the additions to the airport are expected to bring a significant economic boost to the economy. Airport Authority Chairman Mack Byrd elaborated on this stating “The airport opens up a bigger opportunity to bring in more industry, the better the type of airport, then the more type of industry that will come in.” Mack went into further detail stating “With the new additional hangar space we are taking in more planes to fill that space. More than double the amount of aircraft currently here. This is not only going to create more jobs in servicing these planes, this will ultimately bring in more commercial and industrial business to the surrounding area.”

Alongside these economic well-wishes Mayor Bob Wills stated “Bay Minette is very fortunate to have a number of grant projects beginning construction or about to begin construction, many thanks to Clair Dorough, our Grants Coordinator, and others at City Hall for their hard work in obtaining these grant monies for our community.” This project will generate a small economic boon to Bay Minette and its surrounding areas, and while there are many to thank, it was UB Community Development that drove it home.

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UB Community Development announces New Market Tax Credit Funding and full-time job opportunities for expansion of ALDI distribution center in Haines City, Florida.

March 15, 2019 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today it has provided New Market Tax Credit funding to ALDI. This funding will aid in the highly anticipated distribution center expansion in Haines City, Florida.

ALDI is a leader in the grocery retailing industry and operates more than 1,800 stores in 35 states. More than 40 million customers each month benefit from the simple, streamlined approach ALDI brings to retailing. ALDI sells frequently purchased grocery and household items, primarily under its exclusive brands, which meet or exceed national name brands on taste and quality.

ALDI is also nationally recognized for its commitment to employees. Named to Forbes’ list of America’s Best Large Employers for four consecutive years, ALDI offers wages and benefits that are higher than those of other retailers in the market. The company cited access to market as a primary reason for increasing employment specifically in North Florida. The additional Haines City employment opportunities are part of the company’s aggressive growth plan to expand to 2,500 stores by the end of 2022, and add 25,000 new jobs in stores, warehouses and offices.

“As ALDI continues to grow, we’re excited to expand employment opportunities at our Haines City distribution center, and we’re proud to be an employer of choice in the state of Florida and across the U.S.,” said Matt Thon, Haines City division vice president for ALDI. “We’re committed to job growth across the country and look forward to continuing to serve our local Florida communities in the years to come.

The construction associated with the development of the project is expected to create up to 250 direct, full-time equivalent jobs.

For more information about UB Community Development, or for help with planning your next funding project, contact Wes Young, Vice President of UB Community Development at (251) 446-6195 or email wes.young@unitedbank.com.

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About United Bank
United Bank is a $650,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, 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.

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UB Community Development announced Affordable Housing Capital Magnet Funds for the construction of The Village at Rock Springs Apartments in Moody, Alabama.

February 7, 2019 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided Capital Magnet Funds to the Community Action Partnership of North Alabama and The Bennett Group to be used as supplemental funds for the construction of The Village at Rock Springs Apartments, a 56-unit, affordable multi-family project in Moody, Alabama. United Bank is also providing additional funding as a participant in BBVA Compass Bank’s construction facility.

“We are thrilled to join with CAPNA and The Bennett Group to provide capital from our 2018 Capital Magnet Fund award to The Village at Rock Springs Apartments,” said Joe Raines of UB Community Development. “The Village at Rock Springs is a much-anticipated community for senior adults in St. Clair County that will provide much-needed, safe, and affordable homes,” said Raines.

According to Dave Truitt, Director of Real Estate Development at CAPNA, the Capital Magnet Funds were essential to making the project a reality.

“It became evident that rising construction costs and falling equity prices were going to leave us with a significant gap in funding,” said Truitt. “However, due to UBCD and United Bank providing the Capital Magnet funds for our project, we were able to close our gap in financing and continue with our plan to provide 56 units of safe, beautiful, and affordable housing for seniors in Moody.”

Fred Bennett, Managing Partner of The Bennett Group, echoed Mr. Truitt’s sentiment. “This truly exceptional neighborhood of homes in Moody would literally not be possible without the participation of UBCD and United Bank. Due to cost increases and declining equity prices, this project was not going forward without significant creative funding. UBCD and United Bank understood this and have thoughtfully provided.”

The Capital Magnet Fund 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 nonprofits for the purpose of providing affordable housing solutions and community revitalization efforts.

In 2018, United Bank was the only Alabama-based bank to receive a Capital Magnet Fund award, further demonstrating United’s strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida. UB Community Development, a community development partner of United Bank manages the Capital Magnet Fund.

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UB Community Development announces Affordable Housing Capital Magnet Funds for the Construction of Trinity Lake Apartments in Smiths Station, Alabama.

February 7, 2019 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided $150,000 in Capital Magnet Funds to The Bennett Group to be used as supplemental funds for the construction of Trinity Lake Apartments, a 56-unit, affordable multi-family project in Smiths Station, Alabama. United Bank is also providing $2 million in additional funding as a participant in Regions Bank’s construction facility.

“We are excited to provide capital to The Bennett Group for Trinity Lake Apartments,” said Joe Raines of UB Community Development. Trinity Lake will bring much-needed affordable housing to working families in East Alabama. It is the first of several new projects across Alabama that UBCD and United Bank are providing funding for through United’s 2018 Capital Magnet Fund award,” said Raines. “We are grateful to UBCD and United Bank for partnering with us on the Trinity Lake project,” said Fred Bennett, Managing Partner of The Bennett Group. “The United team worked through the unique facets of this transaction and helped us ensure its success. We look forward to celebrating the finished product with UBCD and United next year,” added Bennett.

For more information about UB Community Development, or for help with planning your next funding project, contact Joe Raines, Senior Vice President of United Bank and UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.

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UB Community Development announces Affordable Housing Capital Magnet Funds for the construction of Estates at Kendal Apartments in Clanton, Alabama.

February 7, 2019 – Atmore, AL –UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided Capital Magnet Funds to National Affordable Housing Preservation Associates and Vantage Development to be used as supplemental funds for the construction of Estates at Kendal Apartments, a 56-unit, affordable multi-family project in Clanton, Alabama. United Bank is also providing additional construction funding to the project.

“We are elated to join with NAHPA and Vantage Development to provide capital from our 2018 Capital Magnet Fund award to Estates at Kendal Apartments,” said Joe Raines of UB Community Development. “Estates at Kendal is the first new, rent-restricted community in Clanton in several years and will address the area’s need for comfortable, safe, affordable homes to working families,” Raines said.

Mark English, President of NAHPA, added, “National Affordable Housing Preservation Associates is pleased to commence construction on our newest housing development for families in Clanton. UBCD and United’s commitment of Capital Magnet Funds is critical to the financing of Estates at Kendal, and NAHPA is proud to have UBCD and United as our financial partners.”

Vice President of Vantage Development, Jay Ronca, also commented, “UBCD and United Bank’s commitment to affordable housing is to be commended. As a long-time developer of affordable housing, Vantage is enthusiastic about forging a new relationship with UBCD and United Bank. We are excited to break ground on Estates at Kendal and to deliver much-needed housing to families in Clanton.”

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UB Community Development, LLC, announces $6 Million in New Market Tax Credit Funding and 75 Jobs for Expansion of Sweet Brew’s Existing Operations.

December 10, 2018 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today $6MM New Market Tax Credit (NMTC) funding for the construction of a new facility for Southern Visions, LLP, manufacturers of the Sweet Brew line of fresh brewed tea products. The company is currently based in Loxley, Alabama.

Sweet Brew sells and distributes a patented system for brewing tea, flavored tea, and lemonade drinks for commercial settings. The company has a national distribution network, and offers custom solutions for restaurants, hospitals, convenience stores, large franchise chains, and entertainment venues. Sweetened tea is currently the fastest growing beverage in the tea category in the U.S.

The new Southern Visions facility will be located in Bay Minette, Alabama. The project received a $6MM NMTC allocation from UBCD. The total square feet of the real estate that will be leased by the NMTC Beneficiary is 111,180 square feet which includes 106,428 square feet of manufacturing/industrial space and 4,752 square feet of office space.

“The NMTC investment provided additional capital funding that allows us to completely build the infrastructure for 3-5 years out, instead of building it over phases, said Paul Stewart, President and co-founder of Southern Visions. “This additional capital will allow us to expand our output, create more jobs, and positively impacting the health of our company. We are thrilled to be a driver for robust job creation and economic activity in Bay Minette and north Baldwin County,” said Stewart.

The predevelopment and construction associated with the development of the project is expected to create 86 direct, full-time construction jobs with an estimated 75 permanent jobs retained and created by late 2019, when the project is projected to be stabilized and fully operational.

Additionally, in conjunction with the project, several contributions to local charities and non-profits will be made to further the organization’s mission.

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $6MM allocation was made possible because of United Bank’s designation as a Community Development Financial Institution (CDFI) and UBCD’s designation as a Community Development Entity (CDE) with a mission to bring economic vitality to rural and low-to-moderate income areas. In 2017, following the successful management and deployment of more than $90MM of New Market Tax Credit funding, UBCD was awarded an additional allocation of $55MM in New Market Tax Credits. This allocation further validates our team’s extensive expertise and passion to bring community oriented economic development projects to qualifying areas.

For more information about UB Community Development or for help in planning your next funding project, contact Joe Raines, Senior Vice President of UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.

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About United Bank
United Bank is a $631,000,000 financial institution that has enjoyed 115 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, 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.

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

About Southern Visions
Southern Visions manufactures, sells, and nationally distributes a patented system for brewing sweet tea and lemonade in commercial settings including hospitals, restaurants, offices, convenience stores, large franchise chains, and entertainment venues. The Sweet Brew system including a patented pouch combining tea and pure cane sugar or our pure cane sugar sweetened lemonade blend to brew sweet teas and lemonade perfectly every time. Sweet tea is currently the fastest growing beverage category in the U.S. Sweet Brew is a registered trademark of Southern Visions, LLP. Learn more at www.SweetBrewTea.com

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UB Community Development, LLC Announces $7 million in New Market Tax Credit Funding for Riviera Square Retail Project in Foley, AL to Include Publix Grocery

July 26, 2018 – Foley, AL – UB Community Development, LLC, (UBCD) a community development partner of United Bank, announced today that it has funded a $7 million New Markets Tax Credit (NMTC) allocation for Burton Property Group’s (Burton) construction of a new retail property, Riviera Square in Foley, Alabama. The project’s entire cost is nearly $12 million and will be anchored by a 48,000 square foot Publix grocery store, bringing a much-needed grocery store to a federally-designated food desert. The Riviera Square project is expected to bring more than 100 new fulltime and part time jobs to the south Baldwin County area. Additionally, the project’s financing structure included a $35,000 charitable donation, which allowed UBCD and Burton to collaborate and make donations to several local charities.

The Riviera Square project consists of five phases, with the Publix development being the final phase. This last phase in expected to have a substantial catalytic impact on the remainder of the site, which will house multiple retailers in addition to Publix. “This project has been a Herculean effort, a relationship between public and private, state and local levels, and I want to thank everyone for their combined efforts,” said Burton President and Chief Executive Officer Philip Burton. “I want to thank Publix for selecting Foley as a market, we are thrilled to have you guys and the other retailers that are coming, and we look forward to opening the doors in Spring/Summer of next year. We look forward to the continued relationship with Foley, it’s been an incredible ride to get to this point,” said Burton.

Publix was founded in 1930. They are the largest employee owned grocery store chain in the United States, employing more than 190,000 people, with more than 1,187 store locations. With a key mission to be the premier quality food retailer, they commit to passionately focusing on customer value.

Burton Property Group, founded in 2012, is a private regional commercial real estate investment, development, and management firm. The firm has closed over $575 million in real estate developments and currently owns and manages a portfolio of $200 million of commercial real estate in the Southeast.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credits Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credits allocations. UBA, 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 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 non-profits qualifying areas. UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank to facilitate accessible, affordable and quality housing to underserved communities. Like the New Markets Tax Credits awards, UBCD is the only Alabama-based entity to receive and administer these programs.

For more information about UB Community Development or for help in planning your next funding project, contact Wes Young, Vice President of UB Community Development at (251) 446-6195 or wes.young@ubcommunitydev.wpengine.com.

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About United Bank
United Bank is a $650 million financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, 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.

About UB Community Development
UB Community Development’s history in New Market Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for low-income and rural economic and community development. Through our various programs and projects, UBCD is working with community development partners in the fields of healthcare, education, manufacturing public works and more. For more information about UB Community Development, visit our website at www.ubcommunitydevelopment.com.

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United Bank Awarded $4 MM Capital Magnet Fund Award from U.S. Department of Treasury

May 7, 2018 – Atmore, AL – Robert R. Jones, III, President and CEO of United Bank, a subsidiary of United Bancorporation of Alabama, Inc. (OTC: UBAB), announced today that United Bank has received an award of $4 million from the U.S. Department of Treasury’s Capital Magnet Fund (CMF) program. The award will be managed by UB Community Development, LLC, which is a community development partner of United Bank. United Bank was one of only 40 entities nationwide to receive a Capital Magnet Fund award, and its $4 million was one of the largest awards granted to a single entity.

The Capital Magnet Fund is one of the many programs administered by the Department of Treasury’s Community Development Financial Institutions (CDFI) Fund, which utilizes a variety of initiatives to foster economic growth and revitalization across low-income, economically distressed communities, both urban and rural, throughout the United States. The CMF program’s focus is to attract investment for affordable housing and related catalytic economic impact across these communities. CMF proceeds can be used to develop a variety of different housing and quality-of-life projects, from the construction of low-income housing developments to the creation of community service facilities such as daycare centers, workforce development programs, and health care clinics.

Awardees can use the proceeds in a variety of ways, such as creating loan loss reserves to help incentivize mortgage lending to low-income borrowers, creating loan funds designed to assist low-income borrowers with the upfront costs of home buying, pairing with Low-Income Tax Credits to facilitate the construction of multi-family housing developments, among many other strategies. An awardee can also pair its award with those of other awardees or across different CDFI-administered programs to enhance the amount of capital delivered to a project.

While discussing the CMF Award, Mr. Jones noted that “the CMF award helps to ensure our continued efforts in sustaining and improving communities across Alabama and beyond. United Bank, through its partnership with UBCD, is honored to be a recipient of this award and have the opportunity to develop projects aimed at providing better housing options for low-income families and creating new economic opportunities throughout Alabama and Florida.”

In addition to the CMF award, since 2016, the U.S. Department of Treasury, through its New Markets Tax Credits Program, has awarded UBA and UBCD $120 million in New Markets Tax Credits allocations. UBA, 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 CDFI bank and the organization’s unwavering commitment to its CDFI 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 the entire states of Alabama and Florida.

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About United Bank
United Bank is a $600 million financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, 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.

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UB Community Development, LLC Announces $7MM New Market Tax Credit Funding for Talladega College Project

April 30, 2018 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has funded a $7 million New Market Tax Credit (NMTC) allocation for Talladega College, allowing the college to construct a new student center, including a health clinic and housing facility. The project’s construction phase is anticipated to create 26 full-time, living-wage jobs that will be filled with qualified applicants from within the project area. After completion, the project is projected to create an additional 42 full-time, living-wage jobs to members of the community.

Founded in 1867 and located in the historic district of Talladega, Alabama, Talladega College is Alabama’s oldest private historically black college. The College has seventeen majors grounded in liberal arts, and due to a low student-to-instructor ratio, is able to offer specialized attention that fosters leadership skills and cultivates individual talents. With an enrollment of more than 1000 students, the college has outgrown its existing dorm facilities. The 45,000 square-foot student housing facility will provide 103 student dormitory rooms that will house 201 students, alleviating rising cost and quality-of-life pressures the college faced by having to house students in off-campus hotels and private homes.

In addition to constructing the student dormitory, UBCD’s tax credit allocation will help construct a much-needed student activity center which will house the on-campus health care clinic. Once completed, the approximately 47,000 square foot student center and health clinic building will include a 100-seat dining hall, full kitchen and concession stand, coffee lounge, convenience grocery store, fitness area, offices and multipurpose rooms. There is a 2,000 seat multi-purpose arena where basketball and volleyball games will be held. Additionally, the facility will house a large ballroom with three breakout rooms for multiple concurrent conferencing sessions, allowing the college, for the first time in its history, to hold on-campus convocation ceremonies, banquets and other meetings. The convenience grocery store, which is located in a designated Food Desert, and health clinic, which expects to serve 2,200 patients annually and is in a medically-underserved census tract, will be accessible to both the student body and to the neighborhoods that surround the college. Both the store and the clinic will serve to improve the quality of life, not only of the students, but also of the community-at-large.

UB Community Development President, Alex Jones, said, “We are excited for the improvements this project will bring not only to Talladega College, but also to the City of Talladega. The

project has many variables that will be beneficial to people in the community, and we are proud to be a part of this development.”

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credits Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credits allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquarted 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 CDFI 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 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 non-profits in rural and persistent-poverty areas. Finally, UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank. The CMF award requires UBCD, in conjunction with United Bank, to inject at least $40 million in capital to facilitate accessible, affordable and quality housing to low-income communities. Like the New Markets Tax Credits awards, UBCD is the only Alabama-based entity to receive and administer these programs.

The College was advised by Atlanta, Georgia based Financial Advisory firm, Bretwood Capital Partners and Legal Counsel was Maynard Cooper & Gayle, Birmingham, Alabama.

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About United Bank
United Bank is more than $600 million financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, 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.