BOCA RATON, Fla., Oct. 30, 2013 /PRNewswire/ -- (NASDAQ Global: FUBC) —1 st United Bancorp, Inc. ("1 st 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. 1 st 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 1 st 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 1 st 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 1 st 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 1 st 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 1 st United assumes no obligation to update forward-looking statements or the reasons why actual results could differ. SOURCE 1st United Bancorp, Inc.