BankUnited Of Florida Received NASDAQ Non-Compliance Letter

South Florida Business Journal reports on the situation around BankUnited.

"Federal regulators seized BankUnited on Thursday and placed control of the largest Florida-chartered bank into the hands of a private equity group led by John Kanas and W.L. Ross & Co.

"The new owners will inject $900 million in capital to support the bank, which will keep its name, and share losses with the Federal Deposit Insurance Corp. on $10.7 billion of the acquired assets. The FDIC estimated its insurance fund will ultimately lose $4.9 billion."

BankUnited itself today posted a press release in which it informs about receiving non-compliance letter from NASDAQ.

BankUnited Financial Corp. (NASDAQ:BKUNA) (the "Company") received a non-compliance notice (the "May 15 Notice") from the Nasdaq Stock Market ("Nasdaq") stating that, because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2009 (the "Form 10-Q"), it does not comply with the rules for continued listing, including Rule 5250(c)(1), which require the Company to file with Nasdaq, on a timely basis, all reports and other documents required to be filed with the Securities and Exchange Commission (the "SEC").

The Company received on December 17, 2008 a non-compliance notice from the Nasdaq in connection with its Form 10-K, and a similar non-compliance letter in connection with its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2008 (the "2009 First Quarter Form 10-Q"). On February 18, 2009, the Company submitted a plan to regain compliance through the filing of its Annual Report on Form 10-K for the period ended September 30, 2008 (the "2008 Form 10-K") and the 2009 First Quarter Form 10-Q, and was granted 180 calendar days from the due date of the Form 10-K, or until June 15, 2009, to regain compliance for its delinquent filings. The May 15 Notice requires the Company to provide by June 1, 2009, an update to its original plan to regain compliance and restates the date of June 15, 2009 as the deadline for the filing of its 2008 Form 10-K and its Quarterly Reports on Forms 10-Q.

About BankUnited

BankUnited Financial Corp. is the holding company for BankUnited FSB, the largest banking institution headquartered in Florida.

Serving customers through 85 branches in 13 coastal counties of Florida, including Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Collier, Charlotte, Manatee, Hillsborough, Sarasota, Lee, Indian River and Pinellas, BankUnited offers a full spectrum of consumer and commercial banking products and services, including online products that can be accessed through http://www.bankunited.com. For additional information, call (877) 779-2265.

Based on South Florida Business Journal and BankUnited information.