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

Rhea-AI Summary

United Bank (OTCQX: UBAB) has been awarded a $9 million Capital Magnet Fund grant from the U.S. Department of Treasury's CDFI Fund for 2024, marking their fifth such award since 2017. The funding will support affordable housing initiatives across Alabama, Florida, and surrounding states. The bank plans to utilize this award to develop or rehabilitate over 1,000 apartment homes, targeting rent-burdened families and senior adults in the Southeast region.

Positive

• Secured $9 million in federal funding through Capital Magnet Fund award
• Plans to develop/rehabilitate over 1,000 apartment homes
• Demonstrates consistent success in securing federal grants (fifth award since 2017)

Negative

• None.

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

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SOURCE United Bank

FAQ

How much was United Bank's (UBAB) 2024 Capital Magnet Fund award?

United Bank (UBAB) received a $9 million Capital Magnet Fund award from the U.S. Department of Treasury's CDFI Fund for 2024.

How many apartment homes will United Bank (UBAB) develop with the 2024 CMF award?

United Bank plans to develop or rehabilitate more than 1,000 apartment homes with the 2024 Capital Magnet Fund award.

How many Capital Magnet Fund awards has United Bank (UBAB) received since 2017?

United Bank has received five Capital Magnet Fund awards since 2017, including the latest 2024 award.