1st United Bancorp, Inc. to Acquire Anderen Financial for $37M
1st United Bancorp (NASDAQ: FUBC) and Anderen Financial, Inc. 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."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.