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1st United of Boca buys Anderen Bank

By Palm Beach

BOCA RATON — 1st United Bancorp of Boca Raton said Monday that it has bought Anderen Bank for about $38 million in stock and cash.

The deal provides 1st United with an expanded presence in the Tampa area and a new presence in the Orlando market.  1st United will now have about $1.7 billion in assets, $1.4 billion in deposits and 23 full- branches.  Based on total deposits, 1st United will be the 13th largest bank headquartered in Florida.    

"This is an important merger for 1st United as Anderen is a quality bank with management and employees who have strong ties to the communities they serve,” 1st United CEO Rudy Schupp said.  "Both organizations' focus on quality customer service will continue to be the priority of the merged entity."

Former Anderen executives  John Warren and Charles Allcott will join 1st United to oversee operations in the Orlando and Tampa markets. Two members of Anderen’s board of directors, Sion Carter and Derek Burke, will sit on  the 1st United board.

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APRIL 2, 2012 click to go home
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