Fulton Financial Corporation Invests in United Bancshares, Inc.
March 22 2017 - 4:39PM
Business Wire
Fulton Financial Corporation (NASDAQ: FULT) today announced that
it has made an investment in a new class of noncumulative,
nonvoting perpetual preferred stock authorized and issued by United
Bancshares, Inc. (United), following receipt of approval to make
the investment from the Pennsylvania Department of Banking and
Securities.
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E. Philip Wenger, Fulton Financial
Corporation, and Evelyn F. Smalls, United Bancshares, Inc. (Photo:
Business Wire)
Fulton purchased 1,350 shares of the class, making an investment
of $675,000 in United, which represents an investment equal to
approximately 19.86% of United’s total capital on a pro forma
basis. Fulton is making this investment in United Bancshares, Inc.,
and, indirectly, in its subsidiary, United Bank of Philadelphia,
because of United’s deep involvement in the advancement of minority
neighborhoods and minority owned businesses in Philadelphia.
“Fulton Financial is pleased to support United Bank’s outreach
efforts through our company’s Fulton Forward™ initiative, which
focuses on delivering programs and forming partnerships that help
build vibrant communities through programs, products and services
designed to foster affordable housing, drive economic development,
and promote education and financial literacy,” said E. Philip
Wenger, chairman, president and CEO of Fulton Financial
Corporation. “Our capital investment will enhance United Bank’s
ability to serve Philadelphia’s communities and neighborhoods
through its commercial banking business, which has a particular
focus on, and sensitivity to, groups that have traditionally been
underserved, including African-Americans, Hispanics and women.”
“United Bancshares, Inc., the holding company of United Bank of
Philadelphia, is delighted to receive this investment from Fulton
Financial as it represents an exemplary collaborative relationship
which will assist in driving economic development and inclusion in
its urban markets by supporting United Bank’s lending strategy to
small businesses,” said Evelyn F. Smalls, President and Chief
Executive Officer of United Bank of Philadelphia. “As we celebrate
25 years as an “outstanding community reinvestment” bank in the
region, we will continue to leverage our community banking
expertise and experience through multi-sector partnerships like
this one with Fulton to ensure that together we create economic
stability by fostering job creation/retention and positive social
change,” said Smalls.
Fulton Financial Corporation is a Lancaster,
Pennsylvania-based financial holding company that has 242 banking
offices in Pennsylvania, Maryland, Delaware, New Jersey and
Virginia through the following subsidiary banks: Fulton Bank, N.A.,
Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette
Ambassador Bank, Bethlehem, PA; FNB Bank, N.A., Danville, PA;
Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank,
Columbia, MD.
The Corporation’s investment management and trust services are
offered at all banks through Fulton Financial Advisors, a division
of Fulton Bank, N.A. Residential mortgage lending is offered by all
banks under the Fulton Mortgage Company brand.
For additional information visit: Fulton Financial Corporation
www.fult.com; Fulton Forward™
www.fult.com/aboutus/FultonForward.asp.
United Bank of Philadelphia is an African American
controlled and managed bank that was chartered in 1992. The Bank
conducts a broad range of banking activities through its three
branch offices located as follows: Center City Branch, 30 South
15th Street; Mount Airy Branch, 1620 Wadsworth Avenue; and Progress
Plaza Branch, 1015 North Broad Street. The Bank also operates
thirteen ATM locations in low- to moderate-income areas of the
city.
The Bank engages in commercial banking business with a
particular focus on, and sensitivity to, groups that have been
traditionally under-served, including Blacks, Hispanics and
women.
For additional information, visit: www.ubphila.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170322006283/en/
Fulton Financial Corporation:Laura J.
WakeleyOffice: 717-291-2616orUnited
Bancshares, Inc.:Evelyn F. SmallsOffice:
215-231-3670
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