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Two community banks in Georgia, and one in Florida, were closed late Friday at a cost of more than $130 million to the Federal Deposit Insurance Corp.
October 21 -
Recent stock sales by banks fall into three categories: the very good, the not so bad and the downright ugly.
July 20
1st United Bancorp Inc. of Boca Raton, Fla., said Monday it has agreed to buy Anderen Financial Inc., its second deal in three days.
The company would pay $37 million in cash and stock for Anderen in Palm Harbor, Fla. Anderen has $207 million of assets and four offices.
Under the terms of the agreement, Anderen's shareholders would be able to choose a combination of 1st United stock and cash in exchange for their shares. The exchange rate on the shares would be based on 1st United's average trading price when the deal closes. Elections would be subject to an allocation agreement that stipulates about 50% of Anderen's outstanding common stock must be converted into 1st United's common stock.
1st United said it expects the exchange of shares to be tax-free for Anderen's shareholders.
The deal would expand 1st United's presence in central Florida, specifically in Orlando and Tampa. It got a toehold in Tampa on Friday, when it acquired the failed Old Harbor Bank from the Federal Deposit Insurance Corp. Old Harbor had $216 million of assets.
Both deals are projected to give 1st United a total of $1.7 billion of assets and 26 branches in Florida.
The company expects to close the deal with Anderen in the first half of 2012, pending approvals from regulators and Anderen's shareholders.
The Anderen deal will "grow our presence in the desirable markets of central Florida and positions the franchise to capitalize on attractive future growth opportunities," 1st United's chief executive, Rudy Schupp said in a news release.
"Members of the 1st United team have extensive experience in the Orlando and Tampa markets by virtue of having operated prior banks in the region."
Anderen's chairman, John Warren, and chief executive, Charles Allcott would stay on to oversee the new markets for 1st United.
Also on Monday, 1st United reported net income of $1.4 million in the third quarter, up from a net loss of $232,000 a year earlier. It attributed the turnaround to a lower provision for loan losses, a higher net interest margin and $115,000 gained from increasing service charges and fees on deposit accounts. 1st United reported a total risk-based capital ratio of 28.86% at Sept. 30.
