Gunster attorneys Michael V. Mitrione and David C. Scileppi represented 1st United Bank in its recent acquisition of Anderen Financial Corp. (based in Palm Harbor, just north of Tampa) earlier this month.  This represents the first purchase of a profitable bank by 1st United since 2008, according the Daily Business Review writer Mike Seemuth.

Are more mergers of such moneymakers in store, Seemuth asks in today’s issue of the Daily Business Review.

Michael V. Mitrione, shareholder in Gunster’s West Palm Beach Office, believes smaller banks will be under pressure to get bigger going forward.

“Clearly, the ones under half a billion are going to be challenged,” he said. “It’s more and more difficult for them to stay profitable.”

And their burden will only get bigger.

“Either [banks] need to buy to grow to a size where they can be profitable, or they need to get bought out,” said David Scileppi.

Read the entire Daily Business Review article: Healthy bank mergers unlikely to drive industry consolidation.


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