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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

1st United Bancorp, Inc. And Enterprise Bancorp, Inc. Receive Regulatory And Shareholder Approval For Merger

BOCA RATON, Fla., June 14, 2013 /PRNewswire/ -- 1 st 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 1 st United Bank ("1 st 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 1 st 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 1 st United banking center, and one of 1 st United's branches will be consolidated into a banking center of the former Enterprise.  The result will be one net new 1 st 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. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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