This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

1st United Bank, The Wholly-Owned Subsidiary Of 1st United Bancorp, Inc., Assumed Deposits And Purchased Assets Of Old Harbor Bank Of Florida

1 st United Bancorp, Inc. (“1 st United”) (Nasdaq:FUBC), announced today that its subsidiary, 1 st United Bank, has assumed all of the deposits, other than depository organization-brokered deposits, and purchased substantially all of the assets of Old Harbor Bank of Florida (“Old Harbor”) headquartered in Clearwater, Florida through a purchase and assumption agreement with the Federal Deposit Insurance Corporation (“FDIC”). Old Harbor depositors will become depositors of 1 st United and deposits will continue to be insured by the FDIC, so there is no reason for customers to change their banking relationship to retain their deposit insurance coverage. The branches of Old Harbor will reopen as branches of 1 st United on Saturday, in the cases of the New Port Richey, Dunedin and Clearwater locations, and Monday for the remaining branches. This evening and over the weekend, depositors of Old Harbor can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

1 st United will be purchasing substantially all of the assets of Old Harbor at a discount of $8.5 million. In this transaction, 1 st United will be assuming approximately $217.8 million of deposits, and purchasing $154.3 million in loans and $1.3 million of other real estate from Old Harbor with the remaining assets primarily comprised of cash and marketable investment securities. The loans and other real estate purchased are covered by a loss sharing agreement with the FDIC. Under such agreement, the FDIC has agreed to cover 70% of the losses on the disposition of the loans and other real estate up to $49 million of losses.

"1 st United is excited to welcome the customers of Old Harbor and we want to assure them that their deposits are safe, FDIC insured, and readily accessible,” said Rudy Schupp, Chief Executive Officer of 1 st United. "Customers will be able to conduct business as usual at their existing branch locations with their familiar banking associates. We are excited to be back in this legacy market and look forward to lending and serving the community.”

John Marino, President and Chief Financial Officer of 1 st United added, “1 st United has a healthy balance sheet, supported by strong capital and liquidity levels. These factors combined with increased access to more products and services will enable us to better serve all of the banking needs of former Old Harbor customers.”

Based on June 30, 2011 financials, the pro forma company will have assets of approximately $1.4 billion, net loans of $924 million and deposits of $1.1 billion.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs