1st United Bancorp Inc To Acquire Anderen Financial, Inc.

1st United Bancorp Inc and Anderen Financial, Inc announced the signing of a definitive agreement under which 1st United will acquire Anderen and its subsidiary, Anderen Bank, for approximately $37 million in a stock and cash transaction. The transaction, unanimously approved by the boards of directors of both companies, expands upon 1st United's existing franchise in the demographically attractive Central Florida market. Under the terms of the merger agreement, each share of Anderen's common stock outstanding will be converted into the right to receive cash and shares of 1st United's common stock based on 1st United's average trading price at closing determined in accordance with the merger agreement. Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Anderen common stock will be converted into 1st United common stock. The receipt of 1st United stock by shareholders of Anderen is expected to be tax-free.