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BANKUNITED FINANCIAL BEGINS EXCHANGE OFFER FOR SUBSIDIARY'S STOCK AND FILES REGISTRATION STATEMENT COVERING $10 MILLION NEW PREFERRED

 CORAL GABLES, Fla., Nov. 22 /PRNewswire/ -- BankUnited Financial Corporation (NASDAQ-NMS: BKUNA) today began offering to exchange 724,720 shares of a new 9 percent Noncumulative Perpetual Preferred Stock for all of the outstanding preferred stock of its subsidiary, BankUnited, FSB.
 The new issue of holding company preferred stock has a liquidation value of $10 per share and is offered on a 2 1/2-shares-for-1-share basis for the bank stock which has a liquidation value of $25 per share. The holders of the bank's preferred stock are being notified that any shares not exchanged will be redeemed at the applicable redemption price.
 Ryan Beck & Co. is the dealer manager of the exchange offering.
 Following the expiration of the exchange offering at midnight on Dec. 20, 1993, the company intends to enter into an underwriting agreement with Ryan Beck & Co. whereby Ryan Beck will purchase additional shares of the new preferred stock for resale in a public offering. The number of shares in the public offering will be such that the aggregate number issued in the exchange and public offering will total 1 million shares, subject to an over-allotment option granted to Ryan Beck for an additional 150,000 shares. A registration statement covering the entire stock issue has been filed with the U.S. Securities and Exchange Commission.
 BankUnited has received approval to list the $10 million of new preferred stock on the NASDAQ National Market System under the symbol BKUNO, subject to completion of the public offering and satisfaction of distribution requirements.
 BankUnited, FSB, has $436 million in assets and operates eight banking offices in Florida: Coral Gables, South Miami, Coral Springs, Tamarac and Delray Beach on the east coast; and Bonita Springs, Venice and Bradenton on the west coast.
 BankUnited Financial is a publicly owned financial institution with its common stock traded on the NASDAQ National Market System under the symbol BKUNA.
 NOTE: A registration statement relating to the underwritten public offering of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A prospectus covering the offering can be obtained from Nancy L. Ashton, secretary, BankUnited Financial Corporation, 2334 Ponce de Leon Blvd., Coral Gables, FL 33134; Telephone: 305-447-0200.
 -0- 11/22/93
 /CONTACT: Alfred R. Camner, chief executive officer, or Michael M. Butler, senior vice president & chief financial officer, of BankUnited Financial Corporation, 305-447-0200; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for BankUnited Financial Corporation/
 (BKUNA)


CO: BankUnited Financial Corporation ST: Florida IN: FIN SU:

AW-JB -- FL012 -- 6941 11/22/93 16:12 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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