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Exhibit 99.1 (UNITED BANK LOGO) (100 YEAR UNITED BANK LOGO) Quarterly Report September 30, 2004




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United Bank finished the third quarter with assets totaling $277,640,000 an
11.50% increase over the same period last year. Net Income for the nine months
ending September 30, 2004 totaled $1,913,000. Continued growth in the banks
loan portfolio along with Income from Operations contributed to the profit
growth. Since December 2003, Loans have increased 21.20% totaling $199,004,000.
Deposit growth also reflects a positive trend up 12.50% to $240,260,000 since
year end. Hurricane Ivan had a material affect upon United Banks market,
customers and bank operations. The banks main office experienced major damage
requiring reconstruction of the top two floors interior. The banks operations
have been moved from the building into temporary quarters. Monroevilles office
also experienced substantial damage. Currently, the Monroeville staff is
operating out of a temporary office in the banks parking lot. Work required to
repair the damage will require several months with completion not expected
until early summer. Despite the damage, the bank was able to resume operations
in all areas within days of the storm. The resilience of the bank to absorb
such extensive damage and respond, speaks well of our staff. This is the second
time in ten years the bank has been challenged by hurricane damage. Just as
last time, United Bank responded to the challenge and will come back stronger
and better equipped to continue our growth. The bank has insurance to cover
additional expenses and the replacement of the offices involved. Management
expects no material financial impact. Damage to the market area is yet to be determined. As time progresses, more
information about the extent of damage to the market will become available.
Each situation is being handled on a case by case basis. To date, no
information is available which could reflect upon the banks asset quality.
Following the storm, the bank extended special provisions to assist customers
and our communities with loans and check cashing services. Just as in the past
100 years, your bank has been there to help rebuild our communities and help
our customers in times of need. Thank you for your continued support and as
always, we welcome your comments and feedback. (JONES SIGNATURE LOGO) Robert R. Jones, III
President
 (UNITED BANK LOGO) STATEMENT OF CONDITION
At the close of business September 30, 2004
(Unaudited) 2004
    
    2003AssetsCash & due from banks
    
    
    10,887,274
    
    
    
    7,757,688Investment Securities
    
    
    54,637,724
    
    
    
    46,127,443Federal Funds sold
    
    
    2,759,721
    
    
    
    12,932,305Loans, net
    
    
    196,570,956
    
    
    
    168,598,293Bank premises & equipment, net
    
    
    3,993,774
    
    
    
    4,357,794Accrued interest receivable & other assets
    
    
    8,790,311
    
    
    
    9,160,035TOTAL ASSETS
    
    
    277,639,760
    
    
    
    248,933,558Liabilities & Stockholders EquityDeposits
    
    
    224,989,714
    
    
    
    195,494,493Repurchase Agreements
    
    
    15,270,522
    
    
    
    16,251,139Other borrowed funds
    
    
    9,030,277
    
    
    
    11,129,391Accrued interest payable & other liabilities
    
    
    1,657,769
    
    
    
    1,261,469Total Liabilities
    
    
    250,948,282
    
    
    
    224,136,492Stockholders equity:Class A common stock. Authorized 2,500
shares of $10 par value; 2,500 shares issued
and outstanding
    
    
    25,000
    
    
    
    25,000Class B common stock. Authorized 5,000
shares of $1 par value; 3,000 shares issued
and outstanding
    
    
    3,000
    
    
    
    3,000Surplus
    
    
    4,154,327
    
    
    
    4,154,327Retained Earnings
    
    
    22,509,151
    
    
    
    20,614,739Total stockholders equity
    
    
    26,691,478
    
    
    
    24,797,066TOTAL LIABILITIES & STOCKHOLDERS EQUITY
    
    
    277,639,760
    
    
    
    248,933,558
 Member Federal Deposit Insurance Corporation




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Directors David D. Swift, Chairman
William J. Justice, P.D., Vice Chairman
Robert R. Jones, III, President and CEO
Michael R. Andreoli
Dale M. Ash
David A. Bagwell
L.Walter Crim
Leslie H. Cunningham
H.Leon Esneul
J. Carl Mixon
Bobby W. Sawyer
J.W. Trawick
Eddie L. Tullis Directors Emeritus W.E. Broughton
John E. Conn, Jr.
Willie W. Saucer
Claude S. Swift
John B. Swift, Jr.
James Witherington LocationsAtmore
200 East Nashville Ave.
105 Lindberg Ave.
    
    
    251.368.2525Bay Minette
404 Courthouse
615 McMeans Ave.
    
    
    251.937.0052Flomaton
705 Sidney Manning Blvd.
    
    
    251.296.3493Foley
516 S. McKenzie St.
    
    
    251.943.2020Frisco City
4285 Bowden St.
    
    
    251.267.3161Lillian
34354 U.S. Hwy. 98
    
    
    251.962.2010Magnolia Springs
12143 Magnolia Springs Hwy.
    
    
    251.965.4040Monroeville
1588 South Alabama Ave.
    
    
    251.743.3161Silverhill
21950 Broad St.
    
    
    251.945.1902Summerdale
1015 Southwest 1st St.
    
    
    251.989.9070Jay, FL
207 Spring St.
    
    
    850.675.6000ATMsAtmore, Bay Minette, Flomaton, Foley, Frisco City, Lillian,Monroeville, SilverhillDiamond Oil,2950 S. Alabama St., MonroevilleHickeys BP,Hwy 31, PerdidoSouth Baldwin Regional Medical CenterHwy. 59, Foley
 www.ubankal.com  www.ubankfl.com




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(UNITED BANK LOGO)
    
    200 East Nashville Avenue
Post Office Box 8
Atmore, Alabama 36504