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: December 30, 1996
BANKUNITED FINANCIAL CORPORATION
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(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
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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 $50 million in new equity capital through
the private placement of 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: January 9, 1997
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
BankUnited Financial Corporation * 255 Alhambra Circle
* Coral Gables, Florida 33134
BankUnited, FSB * Private and Relationship Banking
FOR IMMEDIATE RELEASE
December 30, 1997
BANKUNITED FINANCIAL SUBSIDIARY SELLS $50 MILLION
NEW EQUITY IN PRIVATE PLACEMENT
CORAL GABLES, FL -- Coral Gables-based BankUnited Financial Corporation (the
"Corporation") today announced that its subsidiary, BankUnited Capital (the
"Company"), sold $50 million in new equity capital through the private placement
of redeemable trust preferred securities.
The Company said it sold, at par, 50,000 shares of redeemable trust preferred
securities, par value of $1,000, for a total of $50 million. These securities
have an annual dividend rate of 10.25 percent, payable semi-annually, beginning
June 1997. The securities have been rated "b2" by Moody's and "BB-" by
Thompson's BankWatch.
The net proceeds from the sale will be available for general corporate purposes,
including capital contributions to BankUnited, FSB. Alfred R. Camner, chairman
and president of BankUnited, stated, "These additional capital contributions
will qualify as Tier One capital, enabling the bank to continue its rapid growth
through new branch openings and potential acquisitions. This offering is a
significant step along the road to becoming a major franchise in South Florida."
Friedman, Billings, Ramsey & Co. and Raymond James & Associates, Inc. acted as
placement agents for the offering.
Coral Gables-based BankUnited Financial Corporation is the parent company of
BankUnited, FSB, a federal savings bank with assets of $1.3 billion 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 BKUNN.
/CONTACT: SAMUEL MILNE, CFO, (305) 569-2000
Distributed by: Boardroom Communications, Inc., Plantation, FL
Linda Greck or Julie Silver, (954) 321-6334
