1st United Bancorp reports 48% increase in earnings.

BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 10, 1997--1st United Bancorp (NASDAQ:FUBC), parent of 1st United Bank, announced record 1996 year end earnings of $7.4 million or $.86 per share as compared to 1995 of $5.0 million or $.66 per share, representing a 48% increase in net income and 30% increase in per share earnings.

As a result of the acquisition of Park Bankshares Inc. on Nov. 1, 1996, which has been recorded as a "pooling of interest", earnings for 1996 and prior years has been restated. For the year ended Dec. 31, 1996, earnings include one time Park Bankshares merger expenses and a net gain on sale of other real estate recorded during the quarter ended Dec. 31, 1996 and a gain on sale of asset recorded in the quarter ended June 30, 1996, which in the aggregate reduced after tax net income by approximately $310,000 or $.04 per share for the year. Excluding the effect of these non recurring items, earnings per share for the year ended Dec. 31, 1996 increased 36% to $.90 per share.

Earnings for the quarter ended Dec. 31, 1996, excluding the after tax effect of the one time merger expenses and net sale of other real estate, increased 46% to $.25 per share from $.19 in the prior year. Including the after tax effect of these items, which approximated $527 thousand, net income for the quarter ended Dec. 31, 1996, is $1.6 million ($.19 per share), compared to 1995 of $1.5 million ($.19 per share).

On Jan. 6, 1997, 1st United Bancorp and Island National Bank and Trust Co., headquartered in Palm Beach jointly announced entering into a definitive agreement, under which Island National will be merged into 1st United Bancorp's wholly owned subsidiary, 1st United Bank. 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 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 $561 million, total deposits of $505 million and shareholders' equity of $51.0 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.

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             1ST UNITED BANCORP AND SUBSIDIARY (1ST UNITED BANK)
                         Selected Financial Data(1)

Condensed Income Statement Data
($ in thousands except per share data)

                                       Three Months Ended
                                            Dec. 31,
                                       1996         1995
                                          (Unaudited)


Interest income                      $10,548      $7,659
Interest expense                       2,854       2,033
Net interest income                    7,694       5,626
Provision for loan losses                 50          60
Net interest income after provision
 for loan losses                       7,644       5,566
Other income                           1,780       1,098
Net gain on sale of other real
 estate                                  317          --
Total non interest income              2,097       1,098
Operating expenses                     6,026       4,384
Merger costs                           1,141          --
Total non interest expense             7,167       4,834

Income before taxes                    2,574       2,280
Income taxes                             961         817

Net income                            $1,613      $1,463

PER SHARE DATA
Net income                             $0.19       $0.19

Cash dividends declared                $0.10       $0.03

Average common shares and
 common stock equivalents
 outstanding                       8,648,000   7,716,000


(1) Restated to reflect the acquisition of Park Bankshares Inc. on
Nov. 1, 1996, which was accounted for as a "pooling of interest"


          1ST UNITED BANCORP AND SUBSIDIARY (1ST UNITED BANK)
                    Selected Financial Data(1)


Condensed Income Statement Data
($ in thousands except per share data)

                                         Year Ended
                                          Dec. 31,
                                      1996        1995
                                         (Unaudited)

Interest income                      $40,371     $29,290
Interest expense                      10,877       8,018
Net interest income                   29,494      21,272
Provision for loan losses                170         207
Net interest income after provision
 for loan losses                      29,324      21,065
Gain on sale of asset                    385          --
Gain on sale of other real estate        317          --
Other income                           7,149       3,975
Total non interest income              7,851       3,975
Operating expenses                    24,193      17,222
Merger costs                           1,221          --
Total non interest expense            25,414      17,222

Income before taxes                   11,761       7,818
Income taxes                           4,326       2,793

Net income                           $ 7,435    $  5,025

PER SHARE DATA

Net Income                             $0.86       $0.66

Average common shares and
 common stock equivalents
 outstanding                       8,587,000   7,576,000


(1) Restated to reflect the acquisition of Park Bankshares Inc. on
Nov. 1, 1996, which was accounted for as a "pooling of interest".


                      SELECTED FINANCIAL RATIOS
                             (UNAUDITED)

                                   For Quarter Ended    Year Ended
                                        Dec. 31,         Dec. 31,
                                   1996(1)  1995(1)  1996(1)  1995(1)

Yield on interest-bearing assets     8.62%   9.33%     8.61%   9.09%
Interest expense to earning assets   2.33%   2.52%     2.32%   2.53%
Margin on earning assets             6.29%   6.81%     6.29%   6.56%
Return on average assets (ROA)       1.18%   1.61%     1.41%   1.48%
Return on average equity (ROE)      12.58%  15.61%    15.63%  14.19%




Selected Period End Balances
(in 000's except per share data)

                              Dec. 31       Dec. 31,
                                1996        1995 (1)

Total gross loans             $387,962    $267,658
Allowance for loan losses        8,551       6,839
Securities (carrying value)     59,974      52,183
Securities (fair value)         59,218      52,222
Goodwill                         7,354       4,229
Total assets                   561,288     372,433
Deposits-non interest bearing  141,990      91,880
Deposits-interest bearing      363,030     238,289
Notes payable and long
 term debt                           0          39
Federal Funds purchased              0         700
Stockholders' equity            51,033      38,337
Non-performing loans            11,762       3,410
Other real estate owned          3,196       1,552
Total non-performing assets     14,958       4,962
Outstanding shares               8,436       7,446
Book value per share             $6.05       $5.15
Selected Ratios:
Allowance for loan losses to
 non-performing loans              73%        201%
Allowance for loan losses to
 total loans                     2.20%       2.56%
Non-performing loans to total
 loans                           3.03%       1.27%
Non-performing assets to
 total loans and other real
 estate                          3.82%       1.84%
Tier 1 leverage ratio            7.78%       9.16%

(1) Restated to reflect the acquisition of Park Bankshares Inc. on
Nov. 1, 1996, which was accounted for as a "pooling of interest".

CONTACT: 1st United Bancorp, Boca Raton

John Marino, Chief Financial Officer

561/392-4000