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BANKUNITED'S ANNUAL EARNINGS UP 55 PERCENT TO A HIGH OF $1.2 MILLION; RECORDS SET FOR ASSETS, DEPOSITS, LOANS, EQUITY & CAPITAL LEVELS

BANKUNITED'S ANNUAL EARNINGS UP 55 PERCENT TO A HIGH OF $1.2 MILLION; RECORDS SET FOR ASSETS, DEPOSITS, LOANS, EQUITY & CAPITAL LEVELS
 CORAL GABLES, Fla., Dec. 4 /PRNewswire/ -- BankUnited (NASDAQ-NMS: BKUNA), a savings bank serving both coasts of Florida, has reported the highest net earnings in its history and other record results for fiscal 1991.
 BankUnited reported net earning of $1,241,630 ($.91 per share) on total income of $22,765,596 for its fiscal year ended Sept. 30, 1991, a 55 percent gain over its net earnings of $803,404 ($.69 per share) on total income of $20,515,748 for fiscal 1990.
 For the three months ended Sept. 30, 1991, BankUnited reported net earnings of $556,440 ($.43 per share) on total income of $6,103,179, compared to net earnings of $228,957 ($.17 per share) on total income of $5,434,955 for the same quarter of 1990.
 The fiscal 1991 results established several records for BankUnited. In addition to the 55 percent increase in earnings, net interest income rose 45 percent to $6.3 million, total assets rose 19 percent to $262 million, deposits rose 7 percent to $203 million, loan portfolio rose 26 percent to $204 million, and stockholders' equity rose 29 percent to $16.3 million.
 During the year, BankUnited increased its tangible and core capital by $3.7 million. As of Sept. 30, 1991, the bank's tangible capital equaled 6.2 percent vs. 1.5 percent required, its core capital equaled 6.2 percent vs. 3 percent required, and its risk-based capital equaled 13.7 percent vs. 7.2 percent required.
 In announcing the annual earnings, Alfred R. Camner, chairman and chief executive officer, stated, "Our capital ratios are well in excess of the fully phased-in regulatory requirements, and will support continued growth in the years ahead. Of equal importance is the fact that our non performing loans remain at less than one percent of total loans. Combined, these two important elements provide BankUnited's foundation for the future.
 "We have achieved higher annual earnings for four consecutive years and higher earnings than the previous year in 15 out of our last 16 quarters.
 "Our 1991 results are primarily attributable to success in the private banking division, strong growth in the services provided and deposits received through our relationship banking branches across the state, increased interest spreads, and very conservative lending and investment policies."
 BankUnited operates seven banking offices in Florida: Bonita Springs, Venice, Bradenton, Coral Gables, Tamarac, Coral Springs and Delray Beach. It is a publicly owned financial institution traded on NASDAQ under the symbol BKUNA.
 -0- 12/4/91
 /CONTACT: Alfred R. Camner, chairman and CEO, or Steven D. Hayworth, chief operating officer of BankUnited, 305-529-2400; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for BankUnited/
 (BKUNA) CO: BankUnited ST: Florida IN: FIN SU: ERN


AW -- FL005 -- 9164 12/04/91 11:37 EST
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Date:Dec 4, 1991
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