BOCA RATON, Fla. - 1st United Bancorp signed a definitive agreement to acquire Gateway American Bank of Florida, Fort Lauderdale, Fla., in a pooling of interests.

1st United Bancorp officials said the company will issue $7.1 million in stock, subject to adjusted shareholder equity of Gateway. At June 30, that figure was about $4.2 million, including preferred stock and options. The pact is subject to due diligence, regulatory and stockholder approval, and satisfaction of other contingencies.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.