BankUnited Prices Equity Units Offering.

CORAL GABLES, Fla. -- BankUnited Financial Corporation (NASDAQ: BKUNA), parent company of BankUnited FSB, announced today that it has priced its offering of $160 million of equity units. The company will issue 3,200,000 equity units at $50.00 per unit. The equity units carry a total distribution rate of 6.75%. The threshold appreciation price of the equity units is $32.76, which represents a premium of 40% over our closing stock price of $23.40 on April 19, 2007. The offering is subject to customary closing conditions and is expected to close on Wednesday, April 25, 2007. BankUnited has also granted the underwriters an option to purchase up to 480,000 additional equity units solely to cover over-allotments, if any.

BankUnited intends to use a portion of the proceeds to buy back shares of its Class A Common Stock. BankUnited also intends to use the proceeds for general corporate purposes such as expanding operations through new branch offices and operations centers, possible acquisitions, acquisition of debt and equity securities if available on favorable terms, redemption of outstanding debt and investment in loans and mortgage-backed or other securities. The offering will be completed under BankUnited's current shelf registration statement filed with the SEC.

The lead book-running manager for this offering is J.P. Morgan Securities Inc., with Bear, Stearns & Co. Inc. and UBS Investment Bank as co-managers.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The equity unit offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from J.P. Morgan Securities Inc., at 277 Park Avenue, 13th floor, New York, NY 10172.

Forward-Looking Statements 

This press release may contain certain forward-looking statements, which are based on management's expectations regarding factors that may impact the company's earnings and performance in future periods. Words and phrases such as: "will likely result," "expect," "will continue," "anticipate," "estimate," "project," "believe," "intend," "should," "would," "may," "can," "could," "plan," "target" and similar expressions are intended to identify "forward-looking statements." Actual results or performance could differ from those implied or contemplated by such statements. Factors that could cause future results and performance to vary materially from current management expectations include, but are not limited to, general business and economic conditions; fiscal and monetary policies; significant weather events such as hurricanes; war and terrorism; changes in interest rates; deposit flows; loan demand and real estate values; competition with other providers of financial products and services; the issuance or redemption of additional company equity or debt; volatility in the market price of our common stock; changes in accounting principles, policies or guidelines; changes in laws or regulation; reliance on other companies for products and services; and other economic, competitive, servicing capacity, governmental, regulatory and technological factors affecting the company's operations, pricing, products and delivery of services.