The history of United Bank stretches back to 1905, when the Bank of Zebulon was formed to serve the banking needs of the citizens in Zebulon, Georgia. Over the last 120 years, it has become one of the largest state-chartered banks in Georgia, with assets exceeding $2.2 billion, serving approximately 80,000 customers across twelve markets. But few people know that in 1984, United Bank did something rather special and unique.  Its leaders began an Employee Stock Ownership Plan, known as an ESOP, for its employees. Today, more than 30 percent of United Bank Corporation (UBC) stock is owned by the ESOP and its current participants. 

 

“There’s no better way to incentivize someone than to give them a little skin in the game,” explained Joe Edwards, former UBC Chair. Joe, his father Joel, and brother Bill were the original architects of the program. They used the concept to create an entrepreneurial spirit among their employees. “We wanted to create a benefit for our employees who were committed to our mission and provide them with a strong reward for their efforts while working at United Bank.”  

The ESOP is funded entirely by the Bank with no employee contributions. It works differently than the 401(k) most often seen in a company’s package of benefits, where employee contributions can be wholly or partially matched by the employer. Each year, the Bank contributes a percentage of net earnings to the plan, ultimately benefiting every active employee participant, by growing the balance in a tax-deferred account.

As of 2025, there were approximately 6,500 ESOP-owned companies in the United States, and 169 ESOP-owned companies in Georgia. United Bank is one of the largest ESOP-owned banks in the United States.  

 

 

“When we began the ESOP plan in the eighties, it really energized our company and truly contributed to the spirit of what we were building and becoming. At that time, we had recently expanded into the Barnesville-Lamar County market, and our team thought like owners as each decision was made,” shared Joe. “I want to see today’s generation of employees take on that mindset.  Tax-deferred compound growth is very powerful within an ESOP plan, and time does the heavy lifting. The longer one participates, the greater the reward.”

An ESOP is a tool for building wealth, specifically providing a nest egg for an employee’s future retirement. Long-term employees can potentially retire with a significant amount of UBC stock to enhance other retirement savings, such as their 401(k) balance, personal savings and social security benefits. The Bank’s leadership is exploring new ways to spotlight the ESOP more regularly and use the benefit as a tool in attracting new talent.

“This is a unique benefit for our United Bank employees,” explained Jennifer Eavenson, Chief Human Resources Officer. “We offer a traditional 401(k) with matching contributions as well. You just don’t find many companies engaged in the long-term, financial well-being of their employees. Our challenge is educating today’s employees to recognize the value of the ESOP.”

“Our employees are our greatest asset,” shares CEO Jim Edwards, Joe’s oldest son. “They are passionate about providing the best financial services to our customers and building local businesses, to help our communities continue to thrive.  Our employees are eager to embrace new technologies and are open-minded to new ways of solving old problems. When you couple those skills and passions with personal ownership, the sky is the limit. We love that.”