BankUnited Prices Above Range

| About: BankUnited, Inc. (BKU)

BankUnited (NYSE:BKU), a Florida-based savings and loan holding company, priced its IPO on January 27th., above the expected range at $27 per share with a first-day return of 5.2%.

Business Overview (from prospectus)

BankUnited, Inc. is a savings and loan holding company with two wholly-owned subsidiaries: BankUnited, which is one of the largest independent depository institutions headquartered in Florida by assets, and BankUnited Investment Services, Inc., or BankUnited Investment Services, a Florida insurance agency which provides comprehensive wealth management products and financial planning services. BankUnited is a federally-chartered, federally-insured savings association headquartered in Miami Lakes, Florida, with $11.2 billion of assets, more than 1,100 professionals and 78 branches in 13 counties at September 30, 2010. Our goal is to build a premier, large regional bank with a low-risk, long-term value-oriented business model focused on small and medium sized businesses and consumers. We endeavor to provide personalized customer service and offer a full range of traditional banking products and financial services to both our commercial and consumer customers, who are predominantly located in Florida.

Offering: 29 million shares at $27 per share. Net proceeds of this offering will be used for general corporate purposes.

Lead Underwriters: Morgan Stanley (NYSE:MS), BofA Merrill Lynch (NYSE:BAC), Deutsche Bank Securities (NYSE:DB), Goldman, Sachs & Co. (NYSE:GS)

Financial Highlights:

Net interest income was $287.5 million for the nine months ending September 30, 2010 and $251.7 million for the period ending December 31, 2009...Non-interest income of $237.5 million for the nine months ending September 30, 2010 and $252.8 million for the period from May 22, 2009 to December 31, 2009...Non-interest expense as a percentage of average assets was 2.6% for the nine months ended September 30, 2010 as compared to 4.0% for the period ended December 31, 2009...


The primary market we serve is Florida. Our market is highly competitive. Our market contains not only a large number of community and regional banks, but also a significant presence of the country's largest commercial banks. We compete with other state and national financial institutions located in Florida and adjoining states as well as savings associations, savings banks and credit unions for deposits and loans. In addition, we compete with financial intermediaries, such as consumer finance companies, mortgage banking companies, insurance companies, securities firms, mutual funds and several government agencies as well as major retailers, all actively engaged in providing various types of loans and other financial services. Our largest banking competitors in our market include Bank of America (BAC), BankAtlantic (NYSE:BBX), BB&T (NYSE:BBT), JPMorgan Chase (NYSE:JPM), Regions Bank (NYSE:RF), SunTrust Banks (NYSE:STI), TD Bank and Wells Fargo.

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