1st United Bancorp Inc Completes Merger With Enterprise Bancorp Inc

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.