1st United Bancorp and Island National Bank and Trust Co. sign a merger agreement.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)--Jan. 6, 1997--Island National Bank and Trust Co., Palm Beach, and 1st United Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :FUBC) have jointly announced that the boards of the two companies have unanimously approved entering into a merger agreement, under which Island National will be merged into 1st United Bancorp's 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. , 1st United Bank. 1st United Bancorp has agreed to issue approximately $17.8 million in 1st United Bancorp stock, subject to adjustments as provided in the definitive agreement signed Monday Monday: see week. . The ownership interests of the two groups of shareholders will be combined through a "pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free " with shareholders of Island National receiving approximately $28.00 in 1st United Bancorp common stock for each share of Island National stock, subject to adjustment in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the agreement. "We look forward to joining forces with this outstanding, well managed community bank headquartered in Palm Beach, said Mr. Orlando. "Island National has done an exceptional job in serving the banking needs of one of the most affluent and dynamic markets in the county -- the town of Palm Beach. The company's commitment to personal, professional service, its quality customer base and its broad array of investment services blend well with the strategic growth plan of 1st United Bancorp. Quality service for the customers of Island National will continue to be a top priority for 1st United Bank," Orlando said. Mr. Newton, commenting on the merger, said: "The merger represents an opportunity to maximize value for our shareholders while joining forces with the largest community bank headquartered in Palm Beach County. We are pleased to become part of a high performing, very profitable organization like 1st United. With 1st United's local roots in Palm Beach County and its strong commitment to the communities it serves, I am confident our clients will continue to receive the personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. attention and service they have enjoyed at Island National. In addition, 1st United's asset size, strong capital base and branch system will provide additional convenlence and increased lending capabilities." Island National's Trust Division and its brokerage subsidiary, Island Investment Services, will also be acquired by 1st United. "The addition of both of these capabilities to the 1st United family will enable us to provide a broad range of new products and services to our existing customer base as well as add additional dimension to our organization and enhanced profit opportunities," Orlando said. As of Dec. 31, 1996, Island National Bank and Trust Co. had total assets of $130 million, total deposits of $118 million and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $10.9 million. Island National currently serves the town of Palm Beach with two locations and northern Palm Beach County from its banking center in Palm Beach Gardens. 1st United Bancorp currently has total assets of approximately $510 million, total deposits of $460 million and shareholders' equity of $49.5 million. 1st United Bank has 31 locations in Palm Beach, Brevard, Broward and Martin Counties. 1st United Bancorp common stock is listed on the NASDAQ National Market under the symbol FUBC. CONTACT: 1st United Bancorp John Marino, Chief Financial Officer 561/392-4000 or Island National Bank and Trust Co. E. Anthony Newton, 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. 561/832-7766 |
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