Relevant Statistics:

Aggregate Offering Size: $32.5 million
Offering Price Per Share: $6.50
Shares Offered: 5,000,000
Offering discount to last trade: 7.7%
Pro Forma Capitalization: $193.7 million

Background:

1st United Bancorp, Inc., headquartered in Boca Raton, Florida, is a rapidly growing $1.3 billion asset community banking institution serving markets in five counties throughout Southeastern Florida.

With an already extremely strong capital position and healthy asset quality metrics, the Company sought to raise equity to fund possible further acquisitions of financial institutions within the Company’s current markets.

Raymond James’ Role:

Raymond James served as co-manager on this follow-on offering, helping to raise $32.5 million before the exercise of an overallotment option.

Successful Outcome:

The offering priced on March 17, 2011, resulting in gross proceeds of approximately $32.5 million. The underwriters have a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments.

The $6.50 price represented an 7.7% discount to 1st United’s closing price of $7.04.