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1st United has acquired a six-branch network with offices located in Vero Beach, Sebastian, Barefoot Bay, Boca Raton, North Miami Beach and Coral Gables and assumed the deposits serviced at these offices totaling approximately $90 million. 1st United also acquired approximately $44 million in loans.
On or about October 31, 2008, 1st United plans to close Citrus Bank's Boca Raton, North Miami Beach and Coral Gables locations and service these customers out of existing nearby 1st United branches. 1st United paid the purchase price with $3 million in cash and issued 136,364 shares of 1st United common stock.
In addition, 1st United will make potential earn-out payments in the aggregate of $1.5 million payable over two years based on the retention of the assumed deposits in the transaction.
Rudy Schupp, CEO of 1st United, said: "We are very familiar with these communities and look forward to making available our products and services to the Citrus Bank customers as we work to further expand these markets. Citrus Bank is a high-quality bank with terrific employees whose brand of customer service is consistent with 1st United's mission to put the customer 1st."
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