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: January 15, 1998
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
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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 1993, 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: January 15, 1998
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BANKUNITED FINANCIAL CORPORATION
FORM 8-K
INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NO. PAGE
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20.1 Press Release regarding redemption of preferred stock.............................
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Exhibit 20.1
Contacts:
Alfred R. Camner
Chief Executive Officer
James A. Dougherty
Chief Operating Officer
Samuel Milne
Chief Financial Officer
NEWS RELEASE
BANKUNITED Phone (305) 569-2000
Nasdaq National Market: BKUNA
BankUnited Financial Corporation
\bullet\ 255 Alhambra Circle \bullet\ Coral Gables, Florida 33134
BankUnited, FSB \bullet\ Private and Relationship Banking
FOR IMMEDIATE RELEASE
January 15, 1998
BANKUNITED FINANCIAL CORPORATION TO REDEEM ALL OUTSTANDING SHARES
OF BKUNP PREFERRED STOCK
CORAL GABLES, FL -- BankUnited Financial Corporation today announced that it
will redeem all outstanding shares of its 8% Noncumulative Convertible Preferred
Stock, Series 1993 at $10.00 per share on February 20, 1998. The stock is listed
on the NASDAQ National Market System under the symbol BKUNP.
As an alternative to redemption, stockholders have the right to convert one
share of 8% Noncumulative Convertible Preferred Stock to one share of BankUnited
Series I Class A Common Stock, $.01 par value. On January 14, 1998, the closing
per share price of the Common Stock was $14-1/8 or $14.125. Based on that price,
it is advantageous for stockholders to convert their Preferred Stock shares into
Common Stock.
Alfred R. Camner, Chairman and Chief Executive Officer, of BankUnited, stated,
"The Company is taking this action to help streamline its capital structure. We
anticipate that the conversion and/or redemption of this class of stock will
result in an annual savings of $600,000 in after-tax preferred dividends."
After 5:00PM on February 20, 1998, holders of Series 1993 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 1993 Preferred Stock have ceased as of December 31, 1997.
BankUnited, FSB, is the principal subsidiary of BankUnited Financial Corporation
and is one of the largest savings institutions headquartered in Florida.
BankUnited, a federal savings bank, had assets of $2.1 billion as of September
30, 1997. It operates 17 banking offices throughout Miami-Dade, Broward and
Palm Beach Counties. In September, BankUnited agreed to acquire Consumers
Savings Bank which is anticipated to close in January, 1998. In December, the
company agreed to acquire Central Bank which is anticipated to close in the
second quarter of fiscal 1998.
BankUnited Financial Corporation is traded on the Nasdaq National Market. Its
common stock trades under the symbol BKUNA. Preferred stocks trade under the
symbols BKUNO, BKUNP and BKUNZ.
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CONTACT: SAMUEL MILNE, CFO, BANKUNITED, (305) 569-2000
Distributed by: Boardroom Communications, (954) 321-6334
Linda Greck/Julie Silver
