Exhibit 99
FOR IMMEDIATE RELEASE
Friday, October 6, 2000 9:15 a.m.
United Financial, Symbol: UFHI
Subject: United Financial to Purchase First Security Bank
United Financial announced today an agreement to purchase 100% of the stock
of First Security Bank, located in Sarasota. The agreement was executed this
week by both companies, subject to First Security Bank shareholder approval. The
purchase price was a combination of both cash and preferred convertible stock,
and is indeterminate at the time of closing pending the future earnings of First
Security. The transaction is targeted to be finalized by year-end.
The agreement contemplates United Financial joining with First Security to
expand the community banking services of First Security, concentrating on small
to medium size businesses, trust and investments and SBA lending.
United Financial (Nasdaq smallcap symbol: UFHI) is one of the higher performing
publicly traded bank stocks in Florida. Headquartered in St. Petersburg, the
financial services holding company is ranked one of the highest performing banks
in the state of Florida (as reported in the August 2000 Legg Mason Equity
Research Bank and Thrift Quarterly).
United Financial President and CEO, Neil W. Savage, said, "This significant step
in the future of both companies allows us to expand into this premier market on
the west coast of Florida, while enjoying the strength of the excellent Board of
Directors and management at First Security." United intends to expand its
banking and financial services franchise between Pinellas and Sarasota counties
during the next three to five years, with the Sarasota bank continuing to
operate as a separate bank.
Barry Briggs, Chairman of First Security, commented, "United allows our bank to
offer a wide array of services well beyond those of a stand alone community
bank. This merger clearly presents the best opportunity to benefit our
customers, investors and the communities we serve."
United Financial reported assets as of June 30, 2000 of $223 million, and assets
under trust and investment management of $678 million. The companies of United
Financial include United Bank, United Trust Company and EPW Investment
Management, Inc. Additionally, United Insurance Company is an affiliate company
underwriting property and casualty insurance. First Security had June 30, 2000
assets of $24 million, making the combined companies, after completion of the
acquisition, $247 million.
For Further Information: United Financial
Susan Blackburn, Public Relations
C. Peter Bardin, CFO
(727) 898-2265
www.unitedbank.com
