1st United in Florida Files to Raise Up to $150M

1st United Bancorp (FUBC) in Boca Raton, Fla., has filed to raise as much as $150 million.

The $1.7 billion-asset company submitted a shelf registration with the Securities and Exchange Commission on Wednesday that would allow it to sell up to $150 million of equities or debt. It plans to use the money for general corporate purposes.

"We currently have no plans to raise capital at this time; however we believe this registration statement will enhance our ability to quickly raise capital at a later date," Chief Executive Rudy Schupp said in a press release. "We continue to be well positioned to take advantage of both organic and acquisition growth opportunities and we believe this shelf registration will provide us with flexibility to access the capital markets, if needed."

1st United bought Enterprise Bancorp in North Palm Beach, Fla., in July, in an unusual agreement in which 1st United paid $5 million in cash and took on Enterprise's bad assets.

1st United earned $880,000 in the third quarter, down from $1.6 million a year earlier, it reported earlier this month.