1st United Bancorp and Jupiter Tequesta National Bank sign Definitive 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)--Nov. 23, 1994--1st United Bancorp, parent of 1st United Bank, headquartered in Boca Raton, has signed a Definitive Agreement to acquire Jupiter Jupiter, in Roman religion and mythology Jupiter, in Roman religion and mythology, the supreme god, also called Jove. Originally a sky deity associated with rain and agriculture, he developed into the great father god, prime protector of the state, Tequesta
The Tequesta (also Tekesta, Tegesta, Chequesta, Vizcaynos National Bank. 1st United Bancorp has agreed to pay up to a maximum of $6.8 million in the form of 50% cash and 50% in 1st United Bancorp common stock. The purchase price to be paid is subject to adjustment as provided in the Definitive Agreement. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction is anticipated to be early in the second quarter of 1995 and is subject to obtaining approval of applicable bank regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , the shareholders of 1st United Bank and Jupiter Tequesta National Bank and satisfaction of other conditions in the Definitive Agreement. "We look forward to joining forces with this outstanding community bank," said Warren S. Orlando, president and chief executive officer of 1st United Bancorp. He indicated that Jupiter Tequesta has done an exceptional job in serving the banking needs of the local community. Its community bank philosophy and market profile fit well with the strategic plan of 1st United Bancorp. Quality service for customers of Jupiter Tequesta National Bank will continue to be a top priority for 1st United Bank. The Jupiter Tequesta office will continue to maintain a strong presence in Jupiter and Tequesta and will play an active roll in those communities, as well as help direct growth of 1st United in Northern Palm Beach and Martin Counties. On Sept. 30, 1994, Jupiter Tequesta National Bank had total assets of $55.1 million, total deposits of $50.5 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 $4.1 million. Jupiter Tequesta National Bank currently services Northern Palm Beach County from its main office in Tequesta, Fla. 1st United Bancorp, as of Sept. 30, 1994, had total assets of $274.5 million, total deposits of $242.8 million and shareholders' equity of $27.6 million. 1st United Bank has 11 locations in Palm Beach, Broward and Martin Counties. 1st United Bancorp common stock is listed on the 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 National Market under the symbol FUBC. CONTACT: 1st United Bancorp, Boca Raton John Marino, 407/392-4000 |
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