On or about February 29, each share of Equitable common stock will be converted into the right to receive consideration valued at $101.29. Each Equitable shareholder will have the right to receive in consideration shares of 1st United common stock or a combination of 50% 1st United common stock and 50% cash, based on an election previously made by each stockholder.
Bill Spute, CEO and president of Equitable, said: By the end of May, we will have replaced the Equitable Bank signage with 1st United Bank signage and our joint customers will be able to enjoy our expanded services including, cash management, lock box and a wide range of lending products as well as banking at any of our twelve locations.
