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BANKUNITED FINANCIAL FILES REGISTRATION STATEMENT TO SELL COMMON STOCK & NONCUMULATIVE CONVERTIBLE PREFERRED STOCK

 CORAL GABLES, Fla., May 4 /PRNewswire/ -- BankUnited Financial Corporation (NASDAQ-NMS: BKUNA), parent company of BankUnited, FSB, has filed a registration statement with the Securities and Exchange Commission relating to the proposed sale by the company of 500,000 shares of Class A common stock and 500,000 shares of noncumulative convertible preferred stock. In addition, the company is registering 75,000 shares of common stock and 75,000 shares of preferred stock subject to an over-allotment option in favor of the underwriters.
 The offering will be made through an underwriting syndicate managed by Ryan, Beck & Co.
 BankUnited Financial's Class A common stock, which has 962,078 shares presently outstanding, is traded on the NASDAQ National Market System under the symbol BKUNA.
 The Series 1993 preferred stock is a new issue, and the company is applying to list it on the NASDAQ National Market System.
 Alfred R. Camner, chairman and chief executive officer, stated, "The company will make an initial capital contribution to BankUnited of $6 million of the net proceeds of this offering, which BankUnited will use to redeem its outstanding subordinated debt, further increase its capital ratios and fund expansion of its operations. BankUnited may also use a part of such capital contribution in connection with the possible redemption of some or all of its outstanding preferred stock. The balance of the net proceeds of the offering will be used by the company for general corporate purposes, including the payment of dividends, and will be available for contribution to the capital of BankUnited as may be required from time to time."
 BankUnited, FSB, operates eight branch banking offices on the east and west coasts of Florida. At March 31, 1993, BankUnited had $364 million in total assets. Its tangible capital equaled 6.96 percent vs. 1.5 percent required, core capital equaled 6.96 percent vs. 3 percent required, and risk-based capital equaled 14.97 percent vs. 8 percent required.
 A registration statement relating to 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 Boulevard, Coral Gables, FL 33134; Telephone 305-447-0200.
 -0- 5/4/93
 /CONTACT: Alfred R. Camner, chief executive officer or Steven D. Hayworth, chief operating officer of BankUnited Financial Corporation, 305-529-2400; or John K. Schulte of Schulte Ross & Aguilar, Inc., 305-856-1442, for BankUnited Financial Corporation/
 (BKUNA)


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

JB-AW -- FL010 -- 4342 05/04/93 12:52 EDT
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Publication:PR Newswire
Date:May 4, 1993
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