BOCA RATON, Fla., Dec. 17, 2010 /PRNewswire-FirstCall/ -- 1st
United Bancorp, Inc. ("1st United") (Nasdaq: FUBC), announced today
that its subsidiary, 1st United Bank, has assumed all of the
deposits, other than depository organization-brokered deposits, and
purchased substantially all of the assets of The Bank of
Miami, National Association ("The
Bank of Miami") headquartered in
Coral Gables, Florida through a
purchase and assumption agreement with the Federal Deposit
Insurance Corporation ("FDIC"). The Bank of Miami depositors will become depositors of 1st
United and deposits will continue to be insured by the FDIC, so
there is no reason for customers to change their banking
relationship to retain their deposit insurance coverage. The
three branches of The Bank of Miami will reopen on Monday as branches of 1st
United. This evening and over the weekend, depositors of The
Bank of Miami can access their
money by writing checks or using ATM or debit cards. Checks
drawn on the bank will continue to be processed. Loan
customers should continue to make their payments as usual.
1st United will be purchasing substantially all of the assets of
The Bank of Miami at a discount of
$38 million. In this
transaction, 1st United will be assuming approximately $286 million of deposits, $71 million in FHLB borrowings, and purchasing
$308 million in loans and
$8 million of other real estate from
The Bank of Miami with the
remaining assets primarily comprised of cash and marketable
investment securities. The loans and other real estate
purchased are covered by a loss sharing agreement with the FDIC.
Under such agreement, the FDIC has agreed to cover 80% of the
losses on the disposition of the loans and other real estate.
"1st United is excited to welcome the customers of The Bank of
Miami and we want to assure them
that their deposits are safe, FDIC insured, and readily
accessible," said Rudy Schupp, Chief
Executive Officer of 1st United. "Customers will be able to conduct
business as usual at their existing branch locations with their
familiar banking associates."
John Marino, President and Chief
Financial Officer of 1st United added, "1st United has a healthy
balance sheet, supported by strong capital and liquidity levels.
These factors combined with increased access to more products
and services at branches throughout South
Florida will enable us to better serve all of the banking
needs of former The Bank of Miami
customers, including private banking customers."
Based on September 30, 2010
financials, the pro forma company will have assets of approximately
$1.3 billion, net loans of
$881 million and deposits of
$1.1 billion.
Customers who have questions may call their local The Bank of
Miami banking office during normal
business hours or 1st United at (561) 362-3435 or visit 1st
United's website at www.1stunitedbankfl.com.
For interested persons, the Company will be hosting an investor
call to review the transaction at 11:00 a.m.
Eastern Standard Time on Monday,
December 20, 2010. The number for the conference call
is 1-(888) 455-9732 (Passcode: First United). A replay of the
conference call will be available beginning the afternoon of
December 20 by dialing (866) 363-4122
(domestic), using the passcode 5420 until January 3, 2011.
About 1st United Bancorp, Inc.
1st United is a financial holding company headquartered in
Boca Raton, Florida. 1st
United's principal subsidiary, 1st United Bank, is a Florida chartered commercial bank, which now
operates 18 branches in South
Florida, including Brevard,
Broward, Indian River, Miami-Dade, and Palm
Beach counties. 1st United's principal executive office and
mailing address is One North Federal Highway, Boca Raton, FL 33432 and its telephone number
is (561) 362-3435. 1st United's stock is listed on the NASDAQ
Global Market under the symbol "FUBC".
Forward Looking Statements
Any non-historical statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current plans and
expectations that are subject to uncertainties and risks, which
could cause 1st United's future results to differ materially.
The following factors, among others, could cause our actual
results to differ: our ability to integrate the business and
operations of companies and banks that we have acquired, and those
we may acquire in the future; the failure to achieve expected
gains, revenue growth, and/or expense savings from future
acquisitions; our ability to comply with the terms of the loss
sharing agreements with the FDIC; legislative or regulatory
changes; the strength of the United
States economy in general and the strength of the local
economies in which we conduct operations; the accuracy of our
financial statement estimates and assumptions, including the
estimate for our loan loss provision; the effects of the health and
soundness of other financial institutions, including the FDIC's
need to increase Deposit Insurance Fund assessments; the loss of
key personnel; our customers' willingness to make timely payments
on their loans; changes in the securities and real estate markets;
changes in monetary and fiscal policies of the U.S. Government;
inflation, interest rate, market and monetary fluctuations; the
frequency and magnitude of foreclosure of our loans; fluctuations
in loan collateral values; the effects of our lack of a diversified
loan portfolio, including the risks of geographic and industry
concentrations; our need and our ability to incur additional debt
or equity financing; the effects of harsh weather conditions,
including hurricanes; our ability to comply with the extensive
laws, regulations, and directives to which we are subject; our
customers' perception of the safety of their deposits at 1st United
Bank; the willingness of clients to accept third-party products and
services rather than our products and services and vice versa;
increased competition and its effect on pricing; technological
changes; the effects of security breaches and computer viruses that
may affect our computer systems; changes in consumer spending and
saving habits; growth and profitability of our noninterest income;
changes in accounting principles, policies, practices or
guidelines; anti-takeover provisions under federal and state law as
well as our Articles of Incorporation and our Bylaws; other risks
described from time to time in our filings with the Securities and
Exchange Commission; and our ability to manage the risks involved
in the foregoing. Additional factors can be found in our
filings with the SEC, which are available at the SEC's internet
site (http://www.sec.gov). Forward-looking statements in this
press release speak only as of the date of the press release, and
1st United assumes no obligation to update forward-looking
statements or the reasons why actual results could differ.
SOURCE 1st United Bancorp, Inc.