BOCA RATON, Fla., April 2, 2012 /PRNewswire/ -- 1st United Bancorp,
Inc. ("1st United") (NASDAQ Global Select Market: FUBC) and Anderen
Financial, Inc. ("Anderen") announced they have completed the
merger under which 1st United acquired Anderen and its subsidiary,
Anderen Bank, for approximately $38
million in a stock and cash transaction effective
April 1, 2012.
The Anderen merger provides 1st United with an expanded presence
in the Tampa area and a new
presence in the attractive Orlando market. 1st United will
now have approximately $1.7 billion
in assets, $1.4 billion in total
deposits and 23 full-service banking offices. Based on total
deposits, 1st United will be the 13th largest bank headquartered in
Florida.
"This is an important merger for 1st United as Anderen is a
quality bank with management and employees who have strong ties to
the communities they serve. Working closely with the Anderen
team towards consummation of this merger has only reinforced our
belief in the added strength of the combined organizations," said
Rudy Schupp, Chief Executive Officer
of 1st United. "Both organizations' focus on quality customer
service will continue to be the priority of the merged entity."
John Marino, President and Chief
Financial Officer of 1st United, added, "Following this
transaction, the combined Company's balance sheet, capital and
liquidity remain strong which enables 1st United to retain its
strategic flexibility and continue to invest in the franchise."
"The transaction will add to the depth of talent in the combined
company's management team as John
Warren, the former Chairman of Anderen, and Charles Allcott, the former Chief Executive
Officer of Anderen, will join 1st United as executives responsible
for the management of banking in the Orlando and Tampa/Clearwater markets. In addition, 1st
United is excited to add two former Anderen Directors, Sion Carter,
M.D. and Derek Burke to the 1st
United Bank Board of Directors. Mr. Burke will also join the
1st United Board," said Warren
Orlando, Chairman of 1st United.
"We are very excited to join forces with 1st United. The
combination provides our shareholders and customers the opportunity
to be a part of one of the premier Florida banking franchises," said John Warren. "This transaction allows us
to better serve our customers and local communities through
enhanced product offerings, and we are committed to making this
seamless for all of our constituents."
"By the end of June, we will have replaced the Anderen Bank
signage with 1st United Bank signage and our joint customers will
be able to enjoy our expanded services, including cash management,
lock box and a wide range of lending products as well as banking at
any of our 23 locations," said Charles
Allcott.
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
operates 15 branches in Southeast
Florida, including Brevard,
Broward, Indian River, Miami-Dade, and Palm
Beach Counties, and 8 branches in Central Florida, including Hillsborough, Orange, Pasco
and Pinellas 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 Select 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 operations of Anderen and
other banks we may acquire in the future; our ability to achieve
expected gains, revenue, growth and/or expense savings as a result
of the Anderen merger; our need and our ability to incur additional
debt or equity financing; our ability to comply with the terms of
the loss sharing agreements with the FDIC; 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 of our loan loss provision; the
effects of harsh weather conditions, including hurricanes, and
man-made disasters; inflation, interest rate, market, and monetary
fluctuations; the effects of our lack of a diversified loan
portfolio, including the risks of geographic and industry
concentrations; the frequency and magnitude of foreclosure of our
loans; legislative and regulatory changes, including the Dodd-Frank
Act; our ability to comply with the extensive laws and regulations
to which we are subject; the willingness of clients to accept
third-party products and services rather than our products and
services and vice versa; changes in securities and real estate
markets; increased competition and its effect on pricing, including
the impact on our noninterest margin from the repeal of Regulation
Q; negative publicity and the impact on our reputation;
technological changes; changes in monetary and fiscal policies of
the U.S. Government; the effects of security breaches and computer
viruses that may affect our computer systems; changes in consumer
spending and saving habits; 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; and our ability to manage the risks involved in the
foregoing. These factors, as well as additional factors, can
be found in our periodic and other filings with the SEC, which are
available at the SEC's internet site (http://www.sec.gov) or on
request from 1st United. Actual results may differ materially
from projections and could be affected by a variety of factors,
including factors beyond our control. 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.