1st United announces increased quarterly dividend.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 30, 1997--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 :FUBC), parent of 1st United Bank, announced an increased first quarter cash dividend of $.11 per common share to shareholders of record on May 16, 1997 payable on or around May 30, 1997. This quarterly dividend represents a 10% increase over Bancorp's fourth quarter 1996 dividend of $.10 per common share. On April 22, 1997, 1st United Bancorp announced entering into a definitive agreement to acquire Seaboard Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , under which Seaboard 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. As of March 31, 1997, Seaboard Savings Bank had assets of approximately $75 million, deposits of $69 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 $5.3 million. Seaboard currently serves Martin County from its Stuart banking center at 715 Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. Avenue. On April 1, 1997, 1st United Bancorp completed the acquisition of Island National Bank and Trust Co. The acquisition increased the assets of 1st United Bancorp by approximately $116 million and added three additional banking centers in Palm Beach County, two of which are on the Island of Palm Beach. 1st United Bancorp currently has assets of approximately $680 million, deposits of $615 million and shareholders' equity of $62.0 million. 1st United Bank has 32 banking centers 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, Boca Raton John Marino, Chief Financial Officer 561/392-4000 |
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