SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date of Report: October 10, 1997
BANKUNITED FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
FLORIDA 5-43936 65-0377773
- --------------- ------------------------ -------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
255 ALHAMBRA CIRCLE, CORAL GABLES, FLORIDA 33134
---------------------------------------------------
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (305) 569-2000
<PAGE>
Item 5. OTHER EVENTS.
On August 25, 1997 the Board of Directors of BankUnited Financial
Corporation (the "Registrant") decided to redeem the 8% Noncumulative
Preferred Stock, Series 1996 (the "Series 1996 Preferred Stock") at a
redemption price of $15.00 per share on October 10, 1997. Holders of
927,204 shares of the Series 1996 Preferred Stock elected to exercise
their right to convert Series 1996 Preferred Stock to shares of the
Registrant's Series 1 Class A Common Stock ("Class A Common Stock"). As
a result, 1,548,410 additional shares of Class A Common Stock were
issued upon conversion, and 4,496 shares of Series 1996 Preferred Stock
were redeemed on October 10, 1997.
On October 21, 1997 the Registrant closed the sale of 3,680,000 shares
of its Class A Common Stock, at a price of $12.75 per share, pursuant to
a public offering. The number of shares included 480,000 shares issued
pursuant to the underwriters' exercise of an over-allotment option
granted by the Registrant. The underwriting syndicate was co-managed by
Friedman, Billings, Ramsey & Co., Inc. and PaineWebber, Incorporated.
The net proceeds of approximately $43.9 million will be used by the
Registrant for general corporate purposes consistent with the
Registrant's business strategy, including but not limited to,
acquisitions by the Registrant or its subsidiary, BankUnited, FSB (the
"Bank"), expansion of the Company's or the Bank's operations, capital
contributions to the Bank to support growth and for working capital, and
the possible repurchase of shares of the Registrant's preferred stock,
subject to acceptable market conditions.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BANKUNITED FINANCIAL CORPORATION
By: /s/ NANCY L. ASHTON
-----------------------------
Nancy L. Ashton
Senior Vice President and
Assistant Secretary
Dated: October 29, 1997
