United Bank Awarded $9 Million Capital Magnet Fund Award by US Department of Treasury

Oct 28, 2024

PR Newswire

ATMORE, Ala., Oct. 28, 2024

ATMORE, Ala., Oct. 28, 2024 /PRNewswire/ -- United Bank (OTCQX: UBAB) announced today the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded it a $9 million Capital Magnet Fund award for 2024, the fifth such award received since 2017. The award reflects United Bank's commitment to bringing badly needed affordable housing to communities across Alabama, Florida, and surrounding states.

"The United Bank team is excited and grateful to receive our fifth CMF award since 2017. This award will allow us to continue our momentum in helping to increase affordable housing options to rent burdened families and senior adults in Alabama and across the Southeast," said Joe Raines, Senior Vice President of United Bank. "We anticipate using this award to provide crucial capital towards the development or rehabilitation of more than 1,000 apartment homes, many of which would not be built without these funds," added Raines.

The Capital Magnet Fund offers competitively awarded grants to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and community revitalization efforts that benefit individuals and families with lower incomes and low-income communities nationwide.

About United Bank
United Bank is a $1.4 billion financial holding company that serves Southwest Alabama and Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. UB Community Development (UBCD) focuses on economic and community development through its New Markets Tax Credits, affordable housing, and community facilities programs. Member FDIC.

ubcommunitydevelopment.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/united-bank-awarded-9-million-capital-magnet-fund-award-by-us-department-of-treasury-302286813.html

SOURCE United Bank

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文

Education

Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.