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.
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