BOCA RATON, Fla., Oct. 24, 2011 /PRNewswire/ -- 1st United Bancorp, Inc. ("1st United") (NASDAQ: FUBC) and Anderen Financial, Inc. ("Anderen") announced the signing of a definitive agreement under which 1st United will acquire Anderen and its subsidiary, Anderen Bank, for approximately $37 million in a stock and cash transaction. The transaction, unanimously approved by the boards of directors of both companies, expands upon 1st United's existing franchise in the demographically attractive Central Florida market.
Established in 2007 and headquartered in Palm Harbor, Florida, Anderen operates four banking offices located in Central Florida. Anderen is currently privately held by approximately 260 locally-oriented shareholders. With $207 million in assets, $147 million in loans, and $169 million in deposits, Anderen provides 1st United with an expanded presence in Tampa and a new presence in the attractive Orlando market . Overall, upon completion of the merger and pro forma for the recently announced FDIC-assisted transaction, 1st United will have approximately $1.7 billion in assets, $1.4 billion in total deposits and 26 full service banking offices. Based on total deposits, 1st United will be one of the top 20 largest banks headquartered in Florida.
Rudy Schupp, 1st United's Chief Executive Officer, said, "We believe this combination delivers significant value to our shareholders as we grow our presence in the desirable markets of Central Florida and positions the franchise to capitalize on attractive future growth opportunities. The Anderen executive management team brings significant market knowledge and customer relationships. In addition, the core members of the 1st United team have extensive experience in the Orlando and Tampa markets by virtue of having operated prior banks in the region."
Warren Orlando, 1st United's Chairman, said, "We are very excited about the opportunities this transaction offers and look forward to continuing to serve and grow our combined customer base. Anderen's focus on serving the community as well as quality customer service fit perfectly with 1st United's philosophy."John Marino, President and Chief Financial Officer of 1st United added, "Following this transaction, the combined Company's balance sheet, capital and liquidity remain strong which enables 1st United to retain its strategic flexibility and continue to invest in the franchise." Under the terms of the merger agreement, each share of Anderen's common stock outstanding will be converted into the right to receive cash and shares of 1st United's common stock based on 1st United's average trading price at closing determined in accordance with the merger agreement. Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Anderen common stock will be converted into 1st United common stock. The receipt of 1st United stock by shareholders of Anderen is expected to be tax-free.