United Bank Wins Magnet Fund Award

Atmore, Alabama-based United Bank has announced it won the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund’s $9-million Capital Magnet Fund award for 2023, the fourth such award it received since 2017. 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. Joe Raines, senior vice president of United Bank, said, "As our economy continues to face strong headwinds from inflation and interest rates, these funds will allow us to continue our mission of providing safe, clean, affordable housing. Since 2018, United Bank has used our three previous CMF awards and other resources for the development or rehabilitation of more than 4,000 apartment homes for families and senior adults."