Press Release Archives - Page 6 of 6 - UB Community Development

UB Community Development, LLC Announces $8.5MM in New Market Tax Credit Funding for Sterling Packaging, LLC Building Project

March 22, 2018 – Monroeville, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today $8.5MM New Market Tax Credit (NMTC) funding for Sterling Packaging, LLC of Monroeville, AL. With more than 25 years in the industry, the company designs and manufactures folded paperboard cartons for a variety of customers ranging from small, privately owned businesses to Fortune 500 companies. Industries they serve include food, beverage, consumer goods, hardware and industrial parts, pharmaceuticalbeauty, and confectionery.

Sterling Packaging, LLC is most notably known for its emphasis on custom packaging for the craft beer industry. The company has been supporting the industry for more than 15 years. The NMTC allocation of $8.5 million will assist the company in the reuse of a vacant spec building and new equipment purchases that will increase the use of recycled paper and reduce paper waste as compared to their current operations. The project will utilize a 60,000-square foot facility that will include 55,000-square feet of manufacturing and industrial space and 5,000- square feet of office space.

Along with an equity investment from Tuscaloosa-based Druid Capital Partners, the NMTC funding for the project was a critical component that completed the capital structure. UBCD’s President, Alex Jones stated: “UBCD and United Bank are excited to see the Sterling project take off and impact the economy of Monroeville and its residents.”

With much of the workforce coming from Monroeville, Sterling Packaging LLC has partnered with Alabama Industrial Development Training for recruiting, screening, training, and leadership development. Many of the applicants are Monroeville residents who currently drive 2-4 hours for full time employment at a living wage. This project will target 55 new full-time jobs for these individuals and heavily impact their quality of life and that of their families.

UBCD appreciates Sterling Packaging, LLC making donations totaling $42,500 as part of the closing. The donations will go to the following local charities: Monroeville Education Foundation, Monroeville Area YMCA, HIPPY, Pilots for Christ, Camille Place, and Kings Kids Foundation, LLC.

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $65MM 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 Alex Jones, President of UB Community Development at (251) 446-6017 or alex.jones@ubcommunitydev.wpengine.com.

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About United Bank
United Bank is a $597,000,000 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 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 Loan 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 Sterling Packaging
Sterling Packaging was founded in 1989 by the husband and wife team of Jim and Debbie Hickson, in the Canadian city of Winnipeg. Initially a commercial printing operation, the company began manufacturing paperboard packaging in 1992. Whether you desire a new product launch, rebranding, or decreasing your environmental impact, Sterling Packaging has the expertise and experience to deliver the most efficient results. For more information, please visit www.sterlingpackaginginc.com.

About Druid Capital Partners
Formed in 2015, Druid Capital Partners is a boutique investment manager focused on investing in private companies in the Southeast, targeting specialty manufacturing, distribution, and industrial services. Druid Capital invests via majority acquisitions and recapitalizations in established companies alongside motivated, entrepreneurial owners and managers, providing a reliable, trusted, and local source of equity capital. For more information, please visit www.druidcapital.com.

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UB Community Development, LLC Announces Community Facilities Lending Funding for City of Satsuma Public Safety Building

March 1, 2018 – Satsuma, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today funding for the construction of the City of Satsuma Public Safety Building through their Community Facilities Lending Program. Mayor Tom Williams announced the city will be replacing their existing public safety building with a new state of the art facility housing their jail, police and fire department. The 9,600 square foot building on 7 acres will receive $2 million of funding from UB Community Development’s Community Facilities Lending Program.

UBCD President Alex Jones said “we look forward to assisting Mayor Williams and the City of Satsuma to construct this new facility. After visiting the existing facility, talking with the Mayor and the first responders, the need for this new facility the community was readily apparent.”

The City of Satsuma is one of the largest communities located near the City of Mobile and has experienced significant growth in the last few years due to its economic development. Their close vicinity to creeks and waterways has made the city known as a gateway to the Mobile Delta and Mobile River.

The overall poor physical condition of the existing facility coupled with safety issues led to the unanimous decision to replace the current facility. Several improvements will be added to the new facility such as: correcting the undersized dispatch doors that prevent the fire engines from pulling through the facility, a separate decontamination area for personnel and equipment, and an improved secure area for prisoner housing and an updated dispatch room.

Improving the public safety facility will better serve the community and residents of the City of Satsuma and expand the overall quality of the City’s first response capabilities. The building site will be east of Old Highway 43, north of Juniper Avenue. This location will allow access to Highway 43 which connects the majority of the city.

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $65MM 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 viability 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 allocation of $55MM of New Market Tax Credits. Since earning the CDFI designation in 2010, United Bank’s team has focused on creating products and services that positively impact consumers and small business. United Bank has been recognized by the FDIC for its work in these areas.

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About United Bank
United Bank is a $597,000,000 financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Greensboro, 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 Funding for Pursell Agri-Tech, LLC Project

February 28, 2018 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the New Market Tax Credit funding for Pursell Agri-Tech, LLC. For more than a century, Pursell has been a leader in the fertilizer industry known for developing innovative controlled release fertilizer technologies and micronutrient delivery systems. In October 2017, Pursell launched Pursell Agri-Tech to continue to add to its plant nutrition legacy.

UBCD’s President, Alex Jones stated: “UBCD and United Bank are excited to see the Pursell Agri-Tech project come to fruitition. The Pursell’s commitment to sustatinable agriculture and rural economic development made our pariticpation in this project a perfect fit for our objectives of job creation and community vitality. We congratulate Taylor Pursell and the entire team.”

Headquartered in Sylacauga, Alabama, Pursell Agri-Tech has developed a new technology to coat fertilizers at very competitive cost levels. The project for Pursell Agri-Tech will renovate an existing site and construct an additional expansion. Of the total $15 million project cost, UB Community Development allocated $7 million of New Martket Tax Credits to the development and United Bank provided financing. The expansion will include an almost 10,000 square facillity with manufacturing, industrial space and office space. This project will retain 50 direct full-time jobs, create 10 new direct jobs and 18 temporary construction jobs.

Pursell has committed to job training and advancement opportunities for new and existing employees. The workforce for this project will be hired from the local community and additional industrial investments are anticipated which will further benefit the area. New Market Tax Credits have allowed the startup of Pursell Agri-Tech to move forward with a larger facility than was previously contemplated.

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $65MM 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 viability 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 allocation of $55MM in New Market Tax Credits. Since earning the CDFI designation in 2010, United Bank’s team has focused on creating products and services that positively impact consumers and small business. United Bank has been recognized by the FDIC for its work in these areas.

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About United Bank
United Bank is a $597,000,000 financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Greensboro, 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 Awarded $55M in New Market Tax Credits

February 14, 2018 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the company has been awarded an allocation of $55M in New Market Tax Credits (NMTC). Through the NMTC program, the CDFI Fund allocates tax credit authority to Community Development Entities (CDEs) via a highly competitive application process. UBCD was one of 73 CDEs awarded an allocation.

The NMTC program helps economically distressed communities attract private investment capital. The tax credits help to fill financing gaps for projects in these areas by enabling investors to make larger investments. Since the program’s inception, $44 billion NMTCs have been invested in low-income communities. UBCD manages more than $90 million in NMTCs for eligible projects in qualifying census tracts in Alabama and Florida. Our experience in NMTC transactions has supported job growth through projects such as healthcare facilities, manufacturing, education, hospitality, non-profits, community centers and grocery stores in food deserts.

CDEs, like UBCD, use their authority to offer tax credits to investors in exchange for an equity investment into the eligible projects. With these capital investments, UBCD facilitates loans and investments to businesses operating in distressed areas that have better rates and terms and more flexible features than traditional market loans.

“Ensuring access to capital is essential to sustaining and growing small business across our markets,” Alex Jones, UBCD President, said. “Being awarded this allocation will afford UBCD the opportunity to continue our work in funding critical projects in low income communities in Alabama and Florida.”

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $65M 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 viability to rural and low-to-moderate income areas. Since earning the CDFI designation in 2010, United Bank’s team has focused on creating products and services that positively impact consumers and small business. United Bank has been recognized by the FDIC for its work in these areas.

For more information about UB Community Development and information on eligible projects for funding, please contact Alex Jones, President, at (251) 446-6017 or email alex.jones@ubcommunitydev.wpengine.com.

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About United Bank
United Bank is a $597,000,000 financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Greensboro, 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 Creation of New $7 Million Loan Fund to Spark Small Business Growth and Economic Development

February 9, 2018 – Atmore, AL – UB Community Development, LLC (UBCD) President, Alex Jones, announced today the creation of a new $7 million New Market Tax Credit (NMTC) loan pool following the company’s successful funding of its previous $9M NMTC loan pool. The new $7M NMTC loan pool is designed to encourage small business growth and economic development across Alabama and the Florida Panhandle. UBCD partnered with community development partner, United Bank, to create the loan pool. United Bank is responsible for the fund of $7M while UBCD is responsible for structuring the loan pool and is currently seeking new eligible projects to fund under the $7M allocation.

“Ensuing access to capital is essential to sustaining and growing small business across our markets,” Jones said. “The creation of this loan pool provides the benefit of tax credit funding to small business that would typically not pursue such loans based on the size of their projects and associated transactional costs.”

The loan pool is designed to assist companies with growth, expansion or improvement of operating cash flow. Loan size will range from $100,000 to no more than $2,000,000. Using capital created from the sale of New Market Tax Credits, borrowers receive up to 25 percent of their funds at zero interest as an economic development incentive. Because of the complexity and expense, transactions involving New Market Tax Credits are often not available for projects less than $5 million. The creation of the loan pool gives UBCD the advantage of making smaller loans without additional costs.

As a hometown bank committed to economic and community development, the creation of today’s loan pool is significant to the stabilization and future expansion of small businesses in United Bank’s service area and beyond. It was made possible because of the Bank’s designation as a Community Development Financial Institution (CDFI) and certified Community Development Entity (CDE) with a mission to bring economic viability to rural and low-tomoderate income areas. Since earning the CDFI designation in 2010, United Bank’s team has focused on creating products and services that positively impact consumers and small business. United Bank has been recognized by the FDIC for its work in these areas.

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About United Bank
United Bank is a $597,000,000 financial institution that has enjoyed 114 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Greensboro, 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 (UBCD) Announces Funding for Buc-ee’s Store in Baldwin County

January 3, 2018 – Baldwin Co., AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has closed a $7 Million New Market Tax Credits transaction with Buc-ee’s, Ltd., a Texas high-end convenience store operator. Buc-ee’s announced plans for their southeastern U.S. expansion earlier this year and the company’s new store in Baldwin County will be its first outside of Texas.

The project will include a 53,000-square foot convenience store and 120 fueling stations, and will be located at 20403 Co. Road 68, the southwest corner of Baldwin Beach Express and Interstate Highway 10 in Robertsdale, Alabama. Buc-ee’s is a highly popular chain headquartered in Lake Jackson, Texas. “UBCD’s tax credits were crucial in attracting Buc-ee’s to Baldwin County. The Buc-ee’s project is an excellent example of the type of economic growth that is possible with UBCD’s participation in the federal New Market Tax Credit program,” said Alex Jones, President of UBCD. “Buc-ee’s has a reputation for excellence and delivering the best convenience store experience to customers. UBCD is proud to be a part of this project and help bring over 200 quality, living-wage jobs to rural South Alabama,” said Jones.

In 2016, the Department of Treasury awarded United Bancorporation, the parent company of United Bank, $65 Million in New Market Tax Credits, remains the only community development entity headquartered in Alabama to have received the allocation. In 2017, following the successful deployment of more than $90MM of New Market Tax Credits, UB Community Development received a $55MM allocation of New Market Tax Credits. United Bancorporation formed UBCD to manage the tax credit award and other special programs. UBCD’s New Market Tax Credit program provides additional capital to help fund eligible projects in economically disadvantaged areas throughout Alabama and the western Florida panhandle. UBCD is currently using its NMTC allocation to fund businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits, community centers and more. Projects funded through UBCD’s New Market Tax Credits create jobs in targeted qualifying communities; provide goods, services and ultimately improve access to quality healthcare and affordable food options.

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About United Bank
United Bank is a $592,000,000 financial institution that has enjoyed 113 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Greensboro, 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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United Bank President and CEO Bob Jones Appointed Member of the Community Development Advisory Board

October 3, 2017 – Atmore, Ala – United Bank announced today their President and CEO, Bob Jones, has recently been appointed by President Donald J. Trump to serve on the Community Development Advisory Board of the U.S. Department of Treasury. Jones will serve as a member of the Community Development Advisory Board for a four-year term.

The Community Development Advisory Board was established by the Community Development Banking and Financial Institutions Act of 1994. The Community Development Advisory Board is to advise the Director of the Fund on policies regarding the activities of the Community Development Financial Institutions (CDFI) Fund. The Advisory Board consists of 15 members who represent racial, ethnic, and gender diversity. The members include Secretary of the Departments of Agriculture, Commerce, Housing and Urban Development, Interior, Treasury and the Administrator of the Small Business Administration. Remaining members of the board are comprised of 9 private citizens appointed by the President.

Jones was selected as a member in recognition of his services, advocacy, and commitment to the banking industry and elevating the roles CDFI banks play. Jones is a Navy veteran and received both his Bachelor of Science and Master of Business Administration from Auburn University. Jones attended Southwestern Graduate School of Banking at Southern Methodist University. Jones is a former board member of the national Auburn Alumni Association and currently serves on the Auburn Magazine Advisory Board. He joined United Bank in 1990 and became President and CEO in 1992. Jones serves as chairman for the American Bankers Association Fund for Economic Growth and is a board member of the American Bankers Association’s Education Foundation. Additionally, Jones is a current board member of the Community Foundation of South Alabama and past president of the Alabama Bankers Association.

In addition to being CEO of United Bank, Jones also serves as Chairman of UB Community Development, LLC (UBCD). In 2016, United Bancorporation of Alabama, Inc. received $65MM in New Market Tax Credits, and remains the only community development entity headquartered in Alabama to have received the allocation. In 2017, following the successful deployment of more than $90MM of New Market Tax Credits, UB Community Development received a $55MM allocation of New Market Tax Credits. UBCD, a community development partner of United Bank, is a certified Community Development Entity (CDE). UBCD’s New Market Tax Credit program provides new market tax credits to help fund eligible projects in economically disadvantaged areas based on qualifying census tracts. Recently completed New Market Tax Credit projects have been done in Greenville, Monroeville, Atmore, Pensacola, and more, with a total of 155 jobs created and 718 jobs retained. Projects funded by New Market Tax Credits and USDA CF Relending programs include, municipal facilities, healthcare facilities, rural water systems, nonprofit facilities, community facilities and more.

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.

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United Bank President and CEO Bob Jones Elected Chairman of Community Development Bankers Association

June 13, 2017 – Atmore, Ala – United Bank announced today their President and CEO, Bob Jones, has recently been elected to serve as chairman of the Community Development Bankers Association.

The Community Development Bankers Association (CDBA) is the national trade association of the community development banking sector. CDBA works to serve low-income and economically disadvantaged communities by educating policymakers, regulators, legislators and the public on the importance of community development banks. Jones has been elected to serve a two-year term as chairman of the CDBA and has served as a CDBA board member since 2012.

United Bank’s strong history of serving economically disadvantaged and underserved communities has continued to evolve under Jones’ leadership as CEO. Jones is a Navy veteran and received both his Bachelor of Science and Master of Business Administration from Auburn University. He joined United Bank in 1990 and became President and CEO in 1992. Jones serves as chairman for the American Bankers Association Fund for Economic Growth and is a board member of the American Bankers Association’s Education Foundation and Card Solutions Board. In addition to this, Jones is also a current board member of the Community Foundation of South Alabama and past president of the Bankers Association.

United Bank received Community Development Financial Institution (CDFI) status in 2010 certified by the U.S. Department of Treasury. All community development banks are certified as CDIF’s by the U.S. Treasury, a designation which affirms their focus on mission. The CDFI designation was earned, in part, due to United Bank’s demonstrated track record of positive community involvement, including execution of programs related to financial literacy, homebuyer initiatives and credit building programs. Subsequently, UB Community Development, LLC. (UBCD) was formed as a Community Development Entity (CDE) and is a community development partner of United Bank.

In 2016, United Bancorporation of Alabama, Inc. received $65MM in New Market Tax Credits, and remains the only community development entity headquartered in Alabama to have received the allocation. In 2017, following the successful deployment of more than $90MM of New Market Tax Credits, UB Community Development received a $55MM allocation of New Market Tax Credits. UBCD’s New Market Tax Credit program provides New Market Tax Credits to help fund eligible projects in economically disadvantaged areas based on qualifying census tracts. UBCD is currently using its tax credit program to fund small businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits, community centers and more. Projects funded through UBCD’s new market tax credits create jobs in lowincome communities; provide goods, services and housing options; and ultimately improve access to quality healthcare and affordable food options in low income areas.

For more information about UB Community Development, please contact Alex Jones, President, at
(251) 446-6017 or email alex.jones@ubcommunitydev.wpengine.com.

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