Banks in two of South Florida's toniest towns are merging.

This week $510 million-asset 1st United Bancorp, Boca Raton, said it has agreed to buy $130 million-asset Island National Bank and Trust Co., Palm Beach, in a $17.8 million stock deal. Island National shareholders would receive about $28 worth of 1st United common stock for each share they own, and Island National would be merged into the buyer's 1st United Bank.

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