LANCASTER, Pa.--(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 proforma
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 Corporationis 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 Corporationwww.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 AiryBranch, 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
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Fulton Financial Corporation:
Laura
J. Wakeley
Office: 717-291-2616
or
United
Bancshares, Inc.:
Evelyn
F. Smalls
Office:215-231-3670
Source: Fulton Financial Corporation