BOCA RATON, Fla., Oct. 30, 2013 /PRNewswire/ -- (NASDAQ Global:
FUBC) —1st United Bancorp, Inc. ("1st
United"), today announced that it has filed a universal shelf
registration statement on Form S-3 with the Securities and Exchange
Commission ("SEC") to replace the previous shelf registration
statement which was declared effective on December 9, 2010. 1st United
replaced the previous shelf registration statement because the
SEC's rules do not permit the use of a shelf registration statement
for more than three years after its effective date.
When the new universal shelf registration statement is declared
effective by the SEC, it will allow 1st United to offer
and sell, from time to time, up to $150
million of securities, including equity, debt and other
securities as described in the registration statement, through one
or more public offerings in the future. Specific terms and
prices of securities in any future offerings by 1st
United under this universal shelf registration statement will be
established at the time of any such offering, and will be described
in a prospectus supplement that 1st United will file
with the SEC.
"We currently have no plans to raise capital at this time;
however we believe this registration statement will enhance our
ability to quickly raise capital at a later date," said
Rudy E. Schupp, Chief Executive
Officer. "We continue to be well positioned to take advantage
of both organic and acquisition growth opportunities and we believe
this shelf registration will provide us with flexibility to access
the capital markets, if needed."
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Any offering of the securities covered under the universal shelf
registration statement will be made solely by means of a prospectus
and an accompanying prospectus supplement relating to that offer. A
copy of the prospectus included in the universal shelf registration
statement may be obtained through the SEC's website at
www.sec.gov.
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 comply with the terms
of loss share agreements with the FDIC; legislative and regulatory
changes, including the Dodd-Frank Wall Street Reform and 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; 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 1st
United assumes no obligation to update forward-looking statements
or the reasons why actual results could differ.
SOURCE 1st United Bancorp, Inc.