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1st United Bancorp, Inc.
1st United Bancorp, Inc. Closes on the Purchase of Citrus Bank Branches and Loans
September 5th, 2008
1st United Bancorp, Inc. ("1st United") announced that it has closed on the purchase of the branch network, substantially all of the deposits and much of the loan portfolio of Citrus Bank, headquartered in Vero Beach, Florida. Citrus Bank is the wholly-owned subsidiary of Citrus Financial Services, Inc. which is owned by CIB Marine Bancshares, Inc. headquartered in Pewaukee, Wisconsin. 1st United acquired a 6 branch network with offices located in Vero Beach, Sebastian, Barefoot Bay, Boca Raton, North Miami Beach and Coral Gables and assumed the deposits serviced at these offices totaling approximately $90 million. 1st United also acquired approximately $44 million in...
Source: Health Business Week (2008-09-05)
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