United Bancorporation of Alabama, Inc. Repurchases all Common Stock Held by its 401(K) Employee Stock Ownership Plan

Core Points - United Bancorporation of Alabama, Inc. has completed the repurchase of all shares of common stock held by its 401(k) Employee Stock Ownership Plan (KSOP) for approximately $10.7 million at a price of$54.25 per share [1][2] - The transaction involved negotiations between United and the KSOP Trustee, with independent appraisal and legal counsel ensuring the adequacy of the consideration paid [2] - The transaction closed on November 15, 2024, with a Special Independent KSOP Trustee appointed to oversee the review and negotiation process [2] Company Overview - United Bancorporation of Alabama, Inc. is a financial holding company with assets of $1.4 billion, serving Southwest Alabama and Northwest Florida [3] - The company operates 23 locations across six counties and is designated as a Community Development Financial Institution (CDFI), focusing on economic development in underserved communities [3] - Its subsidiary, UB Community Development, emphasizes economic and community development through programs like New Markets Tax Credits and affordable housing initiatives [3]