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BANKUNITED FINANCIAL CORPORATION ACQUIRES BANKUNITED IN ONE-SHARE-FOR-ONE-SHARE EXCHANGE OF COMMON AND PREFERRED STOCK

 CORAL GABLES, Fla., March 8 /PRNewswire/ -- The formation of BankUnited Financial Corporation and its acquisition of BankUnited (NASDAQ-NMS: BKUNA), FSB has been completed.
 BankUnited has assets exceeding $355 million and operates eight offices serving both coasts of Florida. It emphasizes private banking services, community relationship banking and residential first mortgage lending.
 In the acquisition, the owners of BankUnited's Class A and Class B Common Stock and Series A, B, C, and CII Preferred Stock exchanged their stock on a one-share-for-one-share basis into stock of BankUnited Financial Corporation. The owners of BankUnited's Series, D, E, F, & G Preferred Stock retained their shares in the bank.
 In connection with the acquisition, BankUnited converted from a state charter to a federal charter, thus becoming BankUnited, FSB.
 BankUnited Financial Corporation has assumed BankUnited's NASDAQ trading symbol BKUNA on the National Market System.
 -0- 3/8/93
 /CONTACT: Alfred R. Camner, chief executive officer or Steven D. Hayworth, chief operating officer of BankUnited, 305-529-2400; or John K. Schulte of Schulte Ross & Aguilar, Inc., 305-856-1442, for BankUnited/
 (BKUNA)


CO: BankUnited ST: Florida IN: FIN SU: TNM

SS-AW -- FL013 -- 3935 03/08/93 10:53 EST
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Publication:PR Newswire
Date:Mar 8, 1993
Words:189
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