BOCA RATON, Fla., June 14, 2013 /PRNewswire/ -- 1st
United Bancorp, Inc. ("Bancorp") (NASDAQ Global Select: FUBC) and
Enterprise Bancorp, Inc. ("EBI") announced that they have received
all regulatory approvals for their merger under which Bancorp and
1st United Bank ("1st United"), the
wholly-owned subsidiary of Bancorp, will acquire EBI and its wholly
owned subsidiary Enterprise Bank of Florida ("Enterprise Bank") for approximately
$45 million total
consideration. In accordance with the Agreement, the total
consideration of approximately $45
million will be paid in $6
million in cash, $24 million
consisting of all Enterprise Bank non-performing assets and certain
other classified Enterprise Bank loans, and $15 million in impaired and below investment
grade investments of Enterprise Bank. In accordance with the
Agreement, the value of the non-cash consideration will be based on
the carrying value of the assets prior to the closing. In
addition, EBI has received shareholder approval for the
transaction.
Established in 1990 and headquartered in North Palm Beach, Florida, Enterprise Bank
operates three banking centers (North
Palm Beach, Jupiter, and
Palm Beach Gardens). EBI has
approximately $260.5 million in total
assets, $171.9 million in net loans,
$186.3 million in total deposits, and
$38.6 million in total shareholder
equity at March 31, 2013. This
in-market merger gives 1st United additional quality
loans and deposits in Northern Palm Beach
County, along with a team of exceptional
bankers.
Based on the structure of the merger, Bancorp anticipates adding
approximately $150 million in loans
and $183 million in deposits from
EBI. In addition, of the three branches acquired one will be
consolidated into an existing 1st United banking center,
and one of 1st United's branches will be consolidated
into a banking center of the former Enterprise. The result
will be one net new 1st United branch located in
Jupiter, Florida, added as a part
of this transaction.
Bancorp anticipates closing and integrating the transaction in
the third quarter of 2013 after the satisfaction of customary
closing conditions. Bancorp expects the merger to be
immediately accretive to earnings per share after the integration
of the companies and expects to continue to have strong capital
ratios available for further growth.
About 1st United Bancorp, Inc.
Bancorp is a financial holding company headquartered in
Boca Raton, Florida with executive
offices and operations located in West
Palm Beach, Florida. Bancorp'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. Bancorp's principal
executive office and mailing address is One North Federal Highway,
Boca Raton, FL 33432 and its
telephone number is (561) 362-3431. Bancorp's stock is listed
on the NASDAQ Global Select Market under the symbol "FUBC".
About Enterprise Bank
Enterprise Bank, headquartered in North Palm Beach, Florida, is a state
chartered commercial bank. The bank offers a variety of
banking and financial services to small and middle-market
businesses and individuals through its community focused
approach. Enterprise Bank's principal executive office and
mailing address is 11811 US Highway One, North Palm Beach, FL 33408 and its telephone
number is (561) 624-4400.
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 Bancorp's future results to differ materially.
The following factors, among others, could cause our actual results
to differ: the satisfaction of closing conditions for the
acquisition, and the possibility that the transaction will not be
completed, or if completed, will not be completed on a timely
basis; the accuracy of our estimates in the financial impact of the
merger; disruption to the parties' business as a result of the
announcement and pendency of the transaction; our ability to comply
with the terms of loss sharing agreements with the FDIC;
legislative and regulatory changes, including the Dodd-Frank Wall
Street Reform, Consumer Protection Act and Basel III, 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; 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; the frequency and magnitude of
foreclosure of our loans; the reduction in FDIC insurance on
certain non-interest bearing accounts due to the expiration of the
Transaction Account Guarantee program; increased competition and
its effect on pricing including the impact on our net interest
margin from repeal of Regulation Q; our customers' willingness to
make timely payments on their loans; the effects of the health and
soundness of other financial institutions, including the FDIC's
need to increase Deposit Insurance Fund assessments; changes in
securities and real estate markets; changes in monetary and fiscal
policies of the U.S. Government; 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; our need and our ability to incur additional debt
or equity financing; the effects of harsh weather conditions,
including hurricanes, and man-made disasters; 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;
technological changes; negative publicity and the impact on our
reputation; 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; limited trading activity of our common
stock; the concentration of ownership of our common stock; our
ability to retain key members of management; 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. 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 Bancorp assumes
no obligation to update forward-looking statements or the reasons
why actual results could differ.
SOURCE 1st United Bancorp, Inc.