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PALM HARBOR -- 1st United Bancorp Inc. acquired Anderen Financial Inc. for $37 million in cash and stock.
Combined with its recent acquisition of Old Harbor Bank, the new 1st United will manage $1.7 billion in assets through 26 branch locations, making it one of the 20 largest banks by deposits in Florida, a release says.
Prior to the merger, Anderen was held by 260 private shareholders based in Florida.
The banks expect the transaction to be completed within the first half of 2012, once all necessary regulatory approvals are achieved. John Warren and Charles Allcott, chairman and CEO at Anderen respectively, will join 1st United as regionally focused executives.
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