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: September 12, 1997
BANKUNITED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its charter)
FLORIDA 5-43936 65-0377773
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
255 ALHAMBRA CIRCLE, CORAL GABLES, FLORIDA 33134
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (305) 569-2000
<PAGE>
Item 5. OTHER EVENTS.
Attached hereto as Exhibit 20.1 is a press release announcing that
BankUnited Financial Corporation had called its 8% Noncumulative
Convertible Preferred Stock,
Series 1996, for redemption.
<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
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Nancy L. Ashton
Senior Vice President and
Assistant Secretary
Dated: September 12, 1997
<PAGE>
BANKUNITED FINANCIAL CORPORATION
FORM 8-K
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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20.1 Press Release regarding redemption of preferred stock
EXHIBIT 20.1
Contacts:
Alfred R. Camner
Chief Executive Officer
NEWS RELEASE
James A. Dougherty
BANKUNITED Chief Operating Officer
Nasdaq National Market: BKUNA Samuel Milne
Chief Financial Officer
PHONE (305) 569-2000
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BankUnited Financial Corporation * 255 Alhambra Circle
* Coral Gables, Florida 33134
BANKUNITED, FSB * PRIVATE AND RELATIONSHIP BANKING
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FOR IMMEDIATE RELEASE
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September 5, 1997
BANKUNITED FINANCIAL CORPORATION TO REDEEM STOCK
ALL OUTSTANDING SHARES OF BKUNN PREFERRED STOCK
CORAL GABLES, FLA. -- Alfred R. Camner, Chairman of the Board and Chief
Executive Officer of Coral Gables, Fla.-based BankUnited Financial Corporation,
the holding company of BankUnited, FSB, announced today that the Company is
calling for redemption on October 10, 1997 all of its outstanding shares of 8%
Noncumulative Convertible Preferred Stock, Series 1996 at $15.00 per share. The
stock is listed on the NASDAQ National Market System under the symbol "BKUNN."
As an alternative to redemption, stockholders have the right to convert one
shares of 8% Noncumulative Convertible Preferred Stock to 1.67 shares of
BankUnited Series I Class A Common Stock, $.01 par value. On September 4, 1997,
the closing price per share price of the Common Stock was $12-7/16 ($12.4375).
Based on that price, stockholders choosing to convert their shares of Series
1996 Preferred Stock would receive $20.77 worth of Common Stock for each share
of Preferred Stock, a greater aggregate value than the $15 redemption amount.
"The Company is taking this action to help streamline its capital structure, and
we also anticipate that the conversion and/or redemption of this class of stock
will result in an annual savings of $1.1 million in after-tax preferred
dividends." said Camner.
After 5:00 p.m. on October 10, 1997, holders of Series 1996 Preferred Stock will
not be able to convert their shares and will only have the right to receive the
redemption price, without interest, upon surrender of their shares. Dividends
for Series 1996 Preferred Stock will cease on September 30, 1997.
BankUnited FSB, the second largest savings institution headquartered in Florida
and the principal subsidiary of BankUnited Financial Corporation, is a federal
savings bank with assets of $1.8 billion and 15 banking offices throughout Dade,
Broward and Palm Beach counties.
BankUnited Financial Corporation trades on the Nasdaq National Market. Its
common stock trades under the symbol BKUNA, and its preferred stocks trade under
the symbols, BKUNP, BKUNO, BKUNN and BKUNZ.
* * *
CONTACT: SAMUEL MILNE, CFO, BANKUNITED (305) 569-2000
Distributed by: Boardroom Communications, Inc., (954) 321-6334
Contact: Linda Greck or Julie Silver,
