ATMORE, Ala., June 18, 2020 /PRNewswire/ — United Bancorporation of Alabama (OTCQX: UBAB), the parent company of United Bank, was ranked 9th in the country in the recently published American Banker Magazine annual list of top 200 publicly held banks with assets of less than $2 billion, an increase from the company’s 2019 16th ranking.
The survey reviewed more than 500 banks across the country to compile the top 200 list. Alabama has ten banks with assets of $2 billion or less, of which five ranked in the top 200. Of the top ten banks, United Bank is one of two with total assets under $750 million.
«United Bank had a tremendous year in 2019,» said United Bank CEO Robert R. Jones, III. «After a successful technology conversion and a $26.25 million capital raise, we opened two new offices in 2020, expanding our service footprint into Mobile County. This strategic move, along with the investment in new technology, has set United Bank apart from other community banks.»
The survey ranking is based on the company’s three-year return on average equity (ROAE), a calculation of the bank’s performance over a financial year. United Bancorporation’s three-year ROAE average was 15.92 percent, well above the 500-bank average ROAE of 7.97 percent.
According to American Banker Magazine, a strategic metric going forward in 2020 will be the ratio of demand deposits to total deposits. Low-cost demand deposits, which include checking and savings accounts, as well as a shift toward asset quality and expense control, will be some of the factors that will drive ranking performance for 2020. In 2019, United Bank had 44.65% of demand deposits to total deposits as compared to an average of 16.92% for the Top 200 institutions.
«We are extremely proud of our ranking in this survey,» Jones added. «But we’re even prouder of the impact we’re having on our communities. Our mission of promoting community development isn’t a secondary mission to us, or one aspect of what we do. It is at the heart – it is the foundation – of what we do and who we are.»
For more information related to the company, please visit the investor relations tab at www.UnitedBank.com.
SVP, Chief Marketing & Public Relations Officer
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SOURCE United Bancorporation of Alabama