1st United Bancorp acquires Island National Bank and Trust Co.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April 1, 1997--1st United Bancorp (NASDAQ/NMS:FUBC) has announced the acquisition of Island National Bank and Trust Co. ("Island National") and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Island Investment Services Inc. ("IIS (Internet Information Services) Microsoft's Web server. IIS runs under the server versions of Windows, adding HTTP server capability to the Windows operating system. "). Island National has been merged into 1st United Bancorp's wholly owned subsidiary 1st United Bank ("1st United"), and IIS has become a wholly owned subsidiary of 1st United Bancorp. 1st United Bancorp issued approximately 1.36 million shares of common stock to acquire Island National. Prior to the acquisition Island National had deposits, assets and capital of approximately $106 million, $119 million and $11.2 million, respectively, and operated two locations in Palm Beach and one in Palm Beach Gardens. The acquisition is anticipated to be accounted for as a "pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. " under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Warren S. Orlando, 1st United's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : "Our acquisition of Island National and IIS is an opportunity for us to expand 1st United Bank into the very dynamic and unique community of Palm Beach. We bring to the Island our reputation as a leader in providing quality banking products and services within a community banking environment. "1st United is the largest and strongest independent community bank headquartered in Palm Beach County. The key to our success at 1st United, which was chartered in 1987, has been our customer-driven philosophy. We have remained a community bank in all the markets we serve, where we are able to offer big bank capacity and strength combined with faster and more flexible local decision making ability," explained Orlando. "In addition we are acquiring two new financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. facilities with the merger, a fully operational trust company and the IIS broker-dealer subsidiary. This opportunity will enable us to favorably compete for a broader range of customers, to provide expanded services to our existing customers, and to fully integrate our financial services menu." Headquartered in Palm Beach County, 1st United will now operate 32 full service bank branches in Palm Beach, southern Martin, northern Broward and throughout Brevard counties. 1st United Bancorp has over $680 million in assets and $62 million in capital. Its stock is traded under the symbol FUBC through the NASDAQ-National Market. CONTACT: 1st United Bancorp, Boca Raton John Marino, Chief Financial Officer, 561/392-4000 |
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