$6 Million in New Markets Tax Credit Financing for the Acquisition, Renovation, and Equipping of a Tractor Assembly Facility in Monroeville, AL

Rhea-AI Summary

United Bancorporation of Alabama (OTCQX: UBAB), through its subsidiary UB Community Development (UBCD), announced its role in New Markets Tax Credit (NMTC) financing to redevelop a long‑vacant, 330,000‑square‑foot former Vanity Fair apparel facility in Monroeville, Alabama into a tractor assembly, manufacturing and distribution plant. The headline cites $6 million in NMTC financing, while the project involves $28 million in NMTC financing overall. The Bad Boy Mowers project is expected to create 56 permanent full‑time jobs across production, skilled trades and support roles, and includes workforce training partnerships with Coastal Alabama Community College and other technical institutions. UBCD notes this is its fourth NMTC project in the Monroeville area and reports that, year‑to‑date 2026, it has deployed $57 million into six projects across the Southeast, supporting $290 million in total capital investment, 417 new jobs and the retention of over 1,700 jobs.

Positive

• $6 million in NMTC financing highlighted for tractor facility project
• Project involves $28 million in NMTC financing for facility redevelopment
• Redevelopment of a 330,000-square-foot former Vanity Fair plant
• Bad Boy Mowers project expected to create 56 permanent full-time jobs
• Year-to-date 2026 UBCD deployed $57 million into six projects
• UBCD-backed projects support $290 million in capital, 417 new jobs, 1,700+ retained

Negative

• None.

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ATMORE, Ala., Aug. 18, 2026 /PRNewswire/ -- UB Community Development (UBCD), a community development partner of United Bank is pleased to announce its role in the $28 million New Markets Tax Credits (NMTC) financing for the redevelopment of a former apparel distribution facility into an assembly, manufacturing and distribution plant in Monroeville, Alabama.

The long‑vacant 330,000‑square‑foot facility, once home to the former Vanity Fair plant, is being transformed into a modern tractor assembly, manufacturing, and distribution hub. This redevelopment will return a major industrial site to productive use and position it as a driver of new economic activity in Monroe County. The project will create 56 permanent full‑time jobs across production, skilled trades, and critical support functions.

"When textile companies abandoned the US for cheap labor abroad, it left a gaping hole in many communities, particularly in the rural South. Bad Boy Mowers investment in Monroeville begins to reverse the damage done by the off-shoring of jobs and we are pleased to play small role in the sea change," stated Alex Jones President of UBCD. 

Founded in 2002, Bad Boy Mowers has grown from a regional manufacturer into a nationally recognized producer of outdoor power equipment, including zero‑turn mowers, tractors, handheld tools, and utility vehicles. Over the past two decades, the company has expanded both its product lines and distribution network to serve residential landowners, commercial landscapers, and agricultural customers across the United States.

The closure of the Vanity Fair plants resulted in the loss of more than 2,500 jobs and left a significant economic void in this historic rural community. This project represents a meaningful step toward long‑term recovery and renewed growth. By partnering with Coastal Alabama Community College and other technical training institutions, Bad Boy Mowers will help cultivate a new generation of skilled welders and technical professionals—strengthening the region's workforce pipeline for years to come.

Bad Boy Mowers marks the fourth NMTC project that UB Community Development has financed in the Monroeville area. In 2017, the Monroe County Health Care Authority completed an expansion and renovation of the Monroe County Hospital Emergency Room and the addition of a state-of-the-art oncology department. In 2018, UBCD helped fund the relocation of Sterling Packaging to the industrial park in Monroeville. Then in 2019, UBCD supported Mr. Billy Jones in his revitalization of 12 buildings on the historic courthouse square in Monroeville through his company JWJ Investment Properties. Also in 2019, Monroeville Main Street was selected as a winner in the national Partners in Preservation: Main Streets campaign, securing a $125,000 grant to support preservation efforts for the historic Monroe County Courthouse and Museum. In 2022, JWJ Investment Properties was presented the Excellence in Historic Rehabilitation Award for its role in the revitalization of the courthouse square. Lastly, in 2024 Main Street America awarded Monroeville the Great American Mainstreet Award or GAMSA in which Mr. Jones' project played a vital role. They were one of three winners nationally that year.

Year to date in 2026, UB Community Development has placed $57 million of its funding into 6 projects across the Southeast. These investments have supported $290 million of total capital investment which have created 417 new jobs and help retain over 1700.

About UB Community Development
Headquartered in Atmore, AL, 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 to positively affect growth in regional communities. UB Community Development and United Bank are the two operating subsidiaries of United Bancorporation of Alabama, Inc. (OTCQX: UBAB). For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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SOURCE United Bancorporation of Alabama, Inc.

FAQ

What did United Bancorporation of Alabama (UBAB) announce about New Markets Tax Credit financing in Monroeville in August 2026?

United Bancorporation of Alabama announced that UB Community Development participated in NMTC financing to redevelop a Monroeville, Alabama facility into a tractor assembly, manufacturing and distribution plant. According to the company, the project involves $28 million in NMTC financing to transform a long-vacant 330,000-square-foot former Vanity Fair facility.

How much New Markets Tax Credit financing is associated with the UBAB tractor assembly facility project in Monroeville?

The project involves $28 million in New Markets Tax Credit financing, with the announcement headline highlighting $6 million of NMTC financing. According to United Bancorporation of Alabama, these NMTC funds support acquisition, renovation and equipping of the tractor assembly, manufacturing and distribution facility in Monroeville.

How many jobs will the Bad Boy Mowers tractor facility project supported by UBAB create in Monroeville, Alabama?

The Bad Boy Mowers project is expected to create 56 permanent full-time jobs in Monroeville. According to UB Community Development, these positions will span production, skilled trades and critical support functions, helping replace jobs lost when the former Vanity Fair plants closed in the community.

What is the size and history of the Monroeville facility financed through UBAB’s New Markets Tax Credit efforts?

The Monroeville facility is a 330,000-square-foot former Vanity Fair apparel distribution plant that has long been vacant. According to United Bancorporation of Alabama, NMTC financing will redevelop it into a modern tractor assembly, manufacturing and distribution hub for Bad Boy Mowers in rural Alabama.

How active has UB Community Development been in Monroeville and the Southeast by 2026 for UBAB investors?

UB Community Development reports four NMTC projects financed in the Monroeville area and six projects funded across the Southeast in 2026. According to the company, $57 million deployed has supported $290 million in capital investment, creating 417 new jobs and helping retain more than 1,700 jobs.

What workforce development initiatives are tied to the UBAB-backed Bad Boy Mowers project in Monroeville?

The project includes workforce training partnerships with Coastal Alabama Community College and other technical institutions. According to United Bancorporation of Alabama, Bad Boy Mowers plans to help train welders and technical professionals, strengthening the region’s long-term skilled labor pipeline alongside the new tractor facility.