1st United Bancorp (FUBC) Approves Repurchase of 5% Common Stock
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1st United Bancorp, Inc. (NASDAQ: FUBC) announced that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, 1st United may repurchase up to 1,703,000 shares of its common stock, or approximately 5% of the current outstanding shares.
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 ("Exchange Act"). Repurchased shares may be used to fund awards under stock-based incentive plans that may be adopted by 1st United in the future.
Repurchases will be made at 1st United's discretion at prices it considers to be attractive and in the best interests of both 1st United and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, availability of cash, and 1st United's financial performance. Open market purchases are expected to be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate 1st United to purchase any particular number of shares.
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The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 ("Exchange Act"). Repurchased shares may be used to fund awards under stock-based incentive plans that may be adopted by 1st United in the future.
Repurchases will be made at 1st United's discretion at prices it considers to be attractive and in the best interests of both 1st United and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, availability of cash, and 1st United's financial performance. Open market purchases are expected to be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate 1st United to purchase any particular number of shares.
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