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1st United Bancorp Inc Completes Merger With Enterprise Bancorp Inc


Monday, 1 Jul 2013 11:00am EDT 

1st United Bancorp Inc announced that it has completed its acquisition by merger of Enterprise Bancorp Inc. (EBI) and its wholly-owned subsidiary Enterprise Bank of Florida (Enterprise Bank) for an estimated $45.8 million in total consideration. The total estimated consideration of $45.8 million includes approximately $5 million in cash, $22.2 million consisting of all former Enterprise Bank non-performing assets and certain other classified Enterprise Bank loans, and $18.6 million in impaired and below investment grade securities and other investments of Enterprise Bank. 1st United currently estimates goodwill from the transaction of approximately $9 million, with an earn-back period currently estimated at approximately three years. Bancorp's capital, liquidity and balance sheet will remain strong immediately after this merger. 

Company Quote

21.52
-0.7 -3.15%
24 Apr 2015