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: March 24, 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's (the "Corporation")
subsidiary, BankUnited Capital, a trust formed under the laws
of Delaware, sold an additional $20 million in new equity
capital through a second private placement of its redeemable
trust preferred securities.
<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/ SAMUEL A. MILNE
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Samuel A. Milne
Executive Vice President and
Chief Financial Officer
Dated: March 25, 1997
<PAGE>
BANKUNITED FINANCIAL CORPORATION
FORM 8-K
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NO. PAGE
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<S> <C> <C>
20.1 Press Release regarding a second private placement of
redeemable trust preferred securities by BankUnited
Capital, a subsidiary of the Corporation................. 4
</TABLE>
Exhibit 20.1
<PAGE>
Contacts:
Alfred R. Camner
Chief Executive Officer
NEWS RELEASE
BANKUNITED James A. Dougherty
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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March 24, 1997
BANKUNITED INCREASES TRUST PREFERRED EQUITY
CORAL GABLES, Fla. -- Coral Gables-based Bank United Financial Corporation (the
"Corporation") today announced that its subsidiary, BankUnited Capital (the
"Company"), sold an additional $20 million in new equity capital through a
second private placement of its redeemable trust preferred securities.
The completion of this sale constitutes a further issuance of the $50 million
securities sold by the Company in December 1996, bringing the new issuance of
trust preferred securities, with a par value of $1,000 and a coupon of 10.25
percent, to a total of $70 million. These securities were sold between December
1996 and today, and pay interest semi-annually beginning June 30, 1997. The
securities have been rated "b2" by Moody's and "BB-" by Thompson's Bank Watch.
The net proceeds from the sale will be available for general corporate purposes,
including capital contributions to BankUnited, FSB.
Friedman, Billings, Ramsey & Co. acted as placement agents for the offering.
Alfred R. Camner, chairman and president of BankUnited, stated, "This additional
capital will enhance our position as we continue to pursue rapid growth through
the opening of new branches and potential acquisitions in our target market of
Dade, Broward and Palm Beach counties."
Coral Gables-based BankUnited Financial Corporation is the parent company of
BankUnited, FSB, a federal savings bank which had assets of over $1.3 billion as
of December 31, 1996 and 15 branch 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 and now BKUNN.
CONTACT: SAMUEL MILNE, CFO, (305) 569-2000
Distributed by: Boardroom Communications, Inc., Plantation, FL
Linda Greck or Julie Silver, (954) 321-6334
