1st United Bancorp, Inc. Files Form S-3 Shelf Registration Statement

BOCA RATON, Fla., Nov. 23, 2010 /PRNewswire-FirstCall/ -- (Nasdaq: FUBC) — 1st United Bancorp, Inc. ("1st United"), today announced that it has filed with the Securities and Exchange Commission a universal shelf registration statement on Form S-3 providing for the offer and sale from time to time of up to $100 million of securities, including equity, debt and other securities as described in the registration statement.  Specific terms and prices will be determined at the time of each offering under a separate prospectus supplement, which will be filed with the SEC at the time of any offering.

"While we have no definitive plans to raise capital at this time, we believe this registration statement will enhance our ability to quickly raise capital at a later date," said Rudy E. Schupp, Chief Executive Officer.  "We continue to be well positioned to take advantage of both organic and acquisition growth opportunities and we believe this shelf registration will provide us with added flexibility to access the capital markets, if needed."

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy, no shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  Any offering of the securities covered under the shelf registration will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offer.

Forward Looking Statements

Any non-historical statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are based on current plans and expectations that are subject to uncertainties and risks, which could cause 1st United's future results to differ materially.  The following factors, among others, could cause our actual results to differ: 1st United's ability to execute its growth strategy, risks relating to the integration of acquired companies that have previously been operated separately, challenges posed by the current economic environment, disruptions in global financial markets, credit risk of 1st United's customers, effects of the on-going correction in residential real estate prices and reduced levels of home sales, sufficiency of 1st United's allowance for loan losses, 1st United's ability to comply with the loss sharing agreements with the FDIC, changes in interest rates, access to funding sources, reliance on the services of executive management, competition for loans, deposits and investment dollars, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of 1st United's markets, rapid changes in the financial services industry, exposure to intangible asset risk, hurricanes and other adverse weather events, and 1st United's ability to manage the risks involved in the foregoing.  Additional factors can be found in our filings with the SEC, which are available at the SEC's internet site (http://www.sec.gov).  Forward-looking statements in this press release speak only as of the date of the press release, and 1st United assumes no obligation to update forward-looking statements or the reasons why actual results could differ.

SOURCE 1st United Bancorp, Inc.