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BANKUNITED FINANCIAL SELLS 600,000 SHARES OF CLASS A COMMON STOCK AND 700,000 SHARES OF 8 PERCENT NONCUMULATIVE CONVERTIBLE PREFERRED STOCK

 CORAL GABLES, Fla., June 3 /PRNewswire/ -- BankUnited Financial Corporation (NASDAQ-NMS: BKUNA), parent company of BankUnited, FSB, has sold 600,000 shares of Class A common stock at $8.00 per share and 700,000 shares of 8 percent noncumulative convertible preferred stock at $10.00 per share. The offering represents an increase from the original filing of 500,000 shares of common stock and 500,000 shares of preferred stock.
 The underwriting syndicate was managed by Ryan, Beck & Co.
 The net proceeds of approximately $11.1 million from the stock sales will be used to fund the bank's expansion of operations in Florida including the opening of additional offices, expansion of the bank's highly successful private banking division, and retirement of the bank's presently outstanding subordinated debt.
 In addition, the company has granted the underwriters an option to purchase an additional 90,000 shares of common stock and 105,000 shares of preferred stock to cover overallotments.
 BankUnited Financial's Class A common stock, which before the offering had 1,116,156 shares outstanding, is traded on the NASDAQ National Market System under the symbol BKUNA.
 The new Series 1993 preferred stock has been listed on the NASDAQ National Market System under the symbol BKUNP.
 BankUnited, FSB, has $364 million in assets and operates eight banking offices in Florida: Coral Gables, South Miami, Tamarac, Coral Springs and Delray Beach on the east coast, and Bonita Springs, Venice and Bradenton on the west coast.
 -0- 6/3/93
 /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:

AW-SB -- FL014 -- 5097 06/03/93 15:05 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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