/C O R R E C T I O N -- United Bancorporation/

In the news release, Historic First National Bank Building in Andalusia, AL, to be Revitalized into Boutique Hotel Through New Markets Tax Credit Funding, issued 07-May-2025 by United Bancorporation over PR Newswire, we are advised by the company that the first, second and third paragraphs have been updated. The complete, corrected release follows:

Historic First National Bank Building in Andalusia, AL, to be Revitalized into Boutique Hotel Through New Markets Tax Credit Funding

ANDALUSIA, Ala., May 7, 2025 /PRNewswire/ -- A landmark in downtown Andalusia is poised for a vibrant new chapter. UB Community Development, LLC (UBCD), the community development arm of United Bank, has announced the closing of permanent financing, including a $10.5 million New Markets Tax Credit (NMTC) allocation for The Andalusian Boutique Hotel in partnership with Jason Wood of Wood Development. This significant investment will fuel the comprehensive renovation of the iconic former First National Bank Building, locally known as the Timmerman Building.

Built in 1920 and designed in the distinguished Beaux-Arts style by Montgomery architect Frank Lockwood, the six-story Timmerman Building holds a place of honor on the National Register of Historic Places. The planned transformation will breathe new life into the structure, creating a stylish 58-room boutique hotel under the Ascend Collection by Choice Hotels International.

Beyond the Timmerman Building, the revitalization extends to the upper floors of the adjacent Andala Building, currently home to Big Mike's Steak House. These floors will be converted into additional guest rooms connected via connector ramps stemming from the main lobby, further enhancing the unique design in downtown Andalusia.

"Our track record of supporting adaptive reuse of historic buildings speaks volumes for UBCD's commitment to community development, and this project in Andalusia continues this focus," said Alex Jones, President of UB Community Development.  "We sincerely appreciate Jason Wood's and the City's confidence in UBCD to help them bring this project to fruition."

The renovation of the Timmerman Building is a key component of Andalusia's broader downtown revitalization efforts, which have garnered strong support from local officials and residents alike. Recognizing the importance of workforce development, the project is collaborating with Lurleen B. Wallace Community College to establish a workforce training and skill development program. This partnership will create an estimated 28 full-time positions within the hospitality sector, offering valuable opportunities for local residents and students.

About UB Community Development
Headquartered in Atmore, AL, UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more to positively affect growth in regional communities. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/historic-first-national-bank-building-in-andalusia-al-to-be-revitalized-into-boutique-hotel-through-new-markets-tax-credit-funding-302448481.html

SOURCE United Bancorporation