March 24, 2011 –
Gunster Closes $32.5 Million Public Offering for 1st United Bancorp, Inc.

Partners Mike Mitrione and David Scileppi of Gunster’s Securities and Corporate Governance Practice Group, represented long-standing client 1^st United Bancorp, Inc. (listed on NASDAQ under the symbol “FUBC”), the holding company for 1^st United Bank, a Florida chartered commercial bank, in negotiating and closing last week a public offering of 5,000,000shares of its common stock at $6.50per share, resulting in aggregate gross proceeds of $32,500,000.

The shares sold do not include up to 750,000 shares which may be purchased by the underwriters within 30 days pursuant to an over-allotment option.  Stifel, Nicolaus & Company, Incorporated (represented by DLA Piper) served as sole book-runner of the offering, and Raymond James & Associates, Inc. served as co-manager.

1^st United is a financial holding company headquartered in Boca Raton, Florida.  1^st United’s principal subsidiary, 1^st United Bank, operates 15 branches in Southeast Florida, including Brevard, Broward, Indian River, Miami-Dade, and Palm Beach Counties.