BOCA RATON, Fla. -- 1st United Bancorp, a Florida bank holding company, has filed a registration statement with the Securities and Exchange Commission in connection with a proposed offering of 1.6 million shares of common stock.
1st United Bancorp's sole subsidiary, 1st United Bank, is a commercial bank operating 11 full-service banking facilities in Palm Beach, southern Martin and northern Broward counties.
On June 3, 1st United Bancorp acquired substantially all the outstanding capital stock of Suburban Bank in Lake Worth, Fla., and it will be merged into 1st United Bank.
As a result of this acquisition, 1st United Bancorp has total assets of approximately $301 million, total deposits of approximately $270 million, and shareholders' equity of approximately $18.7 million and is the largest community bank headquartered in Palm Beach County.
1st United Bancorp will use the net proceeds of this offering for the repayment of debt and general corporate purposes, including capital contributions to 1st United Bank, for enhancement of 1st United Bancorp's capital base to support anticipated growth, and for the financing of possible future acquisitions.
ROCH HILL, S.C. -- RHNB Corp., the parent holding company of Rock Hill National Bank, has established a long-range planning committee on its board to decide its future.
Report to Board
In appointing the committee, the board identified three options for examination by the committee: that the company remain independent and continue in the banking business substantially as before; that the company remain independent and grow aggressively, either by internal growth or by acquisitions; and that the company seek to merge with or be acquired by another financial institution.
The committee has engaged an independent financial adviser for assistance in performing these tasks. After several weeks of meetings and deliberations, the committee made its second report to the board of directors last week.
"The board of directors has not decided to sell the company," said Michael F. Gooding, chief executive officer. "However, as recommended by the long-range planning committee, the board decide to request several financial institutions to make definitive proposals to acquire the company. Four institutions have indicated that they would make such proposals within the next two weeks."
