First United Bancorp Inc. in Boca Raton, Fla., is unloading three of the seven western Florida branches it inherited when it acquired the failed Old Harbor Bank in Clearwater in October.
The $1.2 billion-asset company said in a Securities and Exchange Commission filing last week that management has assessed each location and determined that the three branches, two of which were leased, do not fit into its long-term plans. The South Florida Business Journal reported Tuesday that the branches are in Clearwater, Trinity Town Center and Bellair Bluffs.
The $209 million-asset Old Harbor was the the third failed bank 1st United had acquired since late 2009 and its first outside of south Florida. Just days after it took over Old Harbor 1st United announced that it was expanding into central Florida with a $37 million deal to acquire Anderen Financial Inc. in Palm Harbor.
That acquisition is expected to close in the first half of 2012.