ATMORE, Ala. , Dec. 30, 2025 /PRNewswire/ — United Bank is pleased to announce today it has been awarded a $75 million New Markets Tax Credit (NMTC) Allocation by the Department of the Treasury through its affiliated Community Development Entity, UB Community Development. The award is the result of United Bank’s ongoing commitment to enhancing the economic vitality of low-income communities in Alabama, Mississippi and Northwest Florida. Today’s announcement marks the eighth allocation United Bank has received. In total, United Bank and UB Community Development have received eight NMTC awards from the CDFI Fund totaling $500 million focused on deployment in Alabama, Florida and Mississippi.
“United Bank is deeply appreciative of the CDFI Fund’s continued support of our mission and acknowledgment of our capacity to work with our distressed communities in meeting their needs. Our focus is on funding small business and larger operating businesses and non-profits that create and retain quality, accessible jobs in low-income communities and critical community services such as health care, in predominantly rural areas of Alabama, Mississippi and Florida. These investments help support small business growth and expansion, build domestic manufacturing capacity, support job creation and expand access to rural hospitals and essential community health infrastructure,” said Alex Jones, Executive Vice President of United Bank and President of UB Community Development.
The New Markets Tax Credit was enacted by Congress in 2000 as a federal effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities.
United Bank is a recognized Community Development Financial Institution (CDFI) by the U.S. Treasury. With a primary mission of promoting community development, offering financial products and services utilized to serve defined low-income target markets, CDFIs promote economic growth by financing businesses, creating jobs and rebuilding neighborhoods. United Bank earned its designation in part by going above and beyond traditional community involvement efforts to include expanded financial literacy projects, enhanced credit building and homebuyer initiatives, and the creation of small business lending and support programs.
About United Bank
United Bank is a $1 billion plus financial institution, founded in 1904. United Bank has 19 branch offices that primarily serve Southwest Alabama and Northwest Florida. United Bank is recognized as a CDFI and is an Equal Opportunity Provider. For more information about United Bank and UB Community Development please visit our website at www.unitedbank.com or www.ubcommunitydevelopment.com. Member FDIC.
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SOURCE United Bank Community Development
