First United Bancorp Inc. of Boca Raton, Fla., has a deal to buy the $194 million-asset Equitable Financial Group Inc. in Fort Lauderdale for $55.6 million in cash and stock, according to the investment bank Carson Medlin Co.
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The deal would double First United's branch network in Broward County, to eight, and give it a total of 13 branches in three south Florida counties. The $351 million-asset First United would pay $101.29 a share. The deal, which was announced Wednesday, is expected to close next quarter.
