United Bankshares Invests $12M in Selma for Economic Revitalization and Job Creation

Revitalizing Communities: United Bankshares’ Investment in Selma, Alabama

United Bankshares, through its community development arm, UB Community Development, LLC (UBCD), is taking significant steps to enhance economic prospects in the rural Black Belt region of Alabama. The firm has secured a $12 million allocation of New Markets Tax Credits (NMTC) to retrofit a vacant building in Selma, transforming it into a manufacturing and distribution hub for extruded pipes. This project, in collaboration with Colclasure Enterprises, LLC, an affiliate of Timewell Drainage Products, aims not only to revitalize the local economy but also to create a sustainable manufacturing base that will serve the Southern United States.

The facility, strategically located in Selma's Craig Industrial Park, will play a pivotal role in supplying essential drainage products. United Bank’s investment of $8.7 million in loans further underscores its commitment to driving economic revitalization in the area. Alex Jones, President of UBCD, expresses satisfaction with the NMTC transaction, recognizing it as a critical tool for supporting economic development in an area that has historically faced challenges. The collaboration with Colclasure and Timewell not only reflects a commitment to local engagement but also signals a broader initiative to foster sustainable growth within underserved communities.

Training and employment opportunities are central to this initiative. The NMTC allocation will fund comprehensive employee training, which includes programs for truck driving, equipment maintenance, and management development. This multidisciplinary approach aims to equip local residents with valuable skills, enhancing their employability and contributing to long-term economic stability in the Selma and Dallas County regions. Cory Colclasure, CEO of Timewell Drainage Products, emphasizes that this project not only expands their operational footprint but also creates significant job opportunities, thereby stimulating economic growth and community development.

Beyond this investment, United Bankshares, recognized as a certified Community Development Financial Institution (CDFI), continues to focus on enhancing local economies through various initiatives. UBCD, headquartered in Atmore, Alabama, remains dedicated to utilizing NMTC projects as a vehicle for driving economic improvements in the communities it serves. The partnership with Timewell and Colclasure Enterprises exemplifies how strategic investments can reshape the economic landscape, fostering resilience and opportunity in regions in need.