1st United Bancorp, Inc. Announces Special Dividend
BOCA RATON, Fla., Dec. 11, 2012 /PRNewswire/ -- 1st
United Bancorp, Inc. ("1st United") (Nasdaq: FUBC), the
holding company for 1st United Bank, a Florida chartered commercial bank, announced
today that its board of directors has declared a special cash
dividend on 1st United common stock of $0.10 per share, payable December 28, 2012, for shareholders of record as
of the close of business on December 21,
2012.
Rudy Schupp, Chief Executive
Officer of the Company, commented: "With the uncertainty
surrounding the federal tax treatment of dividends in the future,
we believe that the payment of this special dividend is in the best
interests of our shareholders. Given our earnings to date,
high capital levels and strong balance sheet, we are in a position
to distribute capital to our shareholders, under today's dividend
tax rates, without impairing our strategic plan going forward."
1st United also announced today that its board of
directors anticipates commencing the payment of regular quarterly
dividends initially of $0.01 per
share on its common stock beginning in the first quarter of
2013.
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 22 branches in South and Central
Florida, including Brevard,
Broward, Hillsborough, Indian
River, Miami-Dade,
Orange, Palm Beach, Pasco and Pinellas Counties. 1st United's
principal executive office and mailing address is One North Federal
Highway, Boca Raton, FL 33432.
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: the ability of our wholly owned subsidiary, 1st
United Bank, to declare and pay dividends to us; growth and
profitability of both our interest and noninterest income; the
failure to achieve expected gains and revenue growth; our ability
to integrate the business and operations of companies and banks
that we have acquired, and those that we may acquire in the future;
the accuracy of our financial statement estimates and assumptions,
including the estimate of our loan loss provision; our ability to
comply with the extensive laws and regulations to which we are
subject; our need and our ability to incur additional debt or
equity financing; the strength of the
United States economy in general and the strength of the
local economies in which we conduct operations; 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; 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; 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). 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.