1st United Bancorp, Inc. Adopts Stock Repurchase Program
BOCA RATON, Fla., Dec. 13, 2012 /PRNewswire/ -- (NASDAQ Global
Select: FUBC) —1st United Bancorp, Inc. ("1st
United"), announced that its Board of Directors has adopted a stock
repurchase program. Under the repurchase program,
1st United may repurchase up to 1,703,000 shares of its
common stock, or approximately 5% of the current outstanding
shares.
The repurchase program permits shares to be repurchased in open
market or private transactions, through block trades, and pursuant
to any trading plan that may be adopted in accordance with Rule
10b5-1 of the Securities Exchange Act of 1934 ("Exchange Act").
Repurchased shares may be used to fund awards under
stock-based incentive plans that may be adopted by 1st
United in the future.
Repurchases will be made at 1st United's discretion at prices it
considers to be attractive and in the best interests of both
1st United and its shareholders, subject to the
availability of stock, general market conditions, the trading price
of the stock, alternative uses for capital, availability of cash,
and 1st United's financial performance. Open
market purchases are expected to be conducted in accordance with
the limitations set forth in Rule 10b-18 of the Exchange Act and
other applicable legal requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate
1st United to purchase any particular number of
shares.
About 1st United Bancorp, Inc.
1st United is a financial holding company headquartered in
Boca Raton, Florida with executive
offices and operations located in West
Palm Beach, Florida. 1st United's principal
subsidiary, 1st United Bank, is a Florida chartered commercial bank, which now
operates 22 branches, with 15 in Southeast Florida, including Brevard, Broward, Indian
River, Miami-Dade, and
Palm Beach Counties and 7 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) 362-3431.
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: the price volatility of our common
stock; the availability of shares for repurchase; alternate uses of
our cash; 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 failure to achieve expected gains,
revenue growth, and/or expense savings from future acquisitions;
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 accuracy of our
financial statement estimates and assumptions, including the
estimate of our loan loss provision and the FDIC receivable; 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
Wall Street Reform, Consumer Protection Act and Basel III; 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 net interest margin from repeal of regulation Q;
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; our customers' willingness to make
timely payments on their loans; our ability to comply with the
terms of the loss sharing agreements with the FDIC; the effects of
the health and soundness of other financial institutions, including
the FDIC's need to increase Deposit Insurance Fund assessments;
negative publicity and the impact on our reputation; limited
trading activity of our common stock; the concentration of
ownership of our common stock; other risks described from time to
time in our filings with the Securities and Exchange Commission;
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.