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1st United wraps up acquisition; plans offering. (1st United Bank's acquisition of Suburban Bank)
Boca Raton-based 1st United Bancorp has completed its acquisition of Suburban Bank, making it the largest commercial community bank based in Palm Beach County.
The deal boosts 1st United's assets to more than $300 million, its deposits to $270 million and gives it four additional branches. 1st United issued 706,000 shares of its stock (which closed at $5 on Wednesday) and paid $3.2 million of Suburban debt and preferred stock in the deal.
It will take two to three months to integrate the operations, said John Marino, 1st United's chief financial officer. He says there will not be a lot of lay-offs.
While Suburban had lost money and capital over the last few years, Marino is not worried.
"We spent a lot of time on due diligence," he said, adding that Suburban had a strong core …
