BankUnited in Fla. Preps $330M Secondary Offering

Editor's note: An earlier version of this brief misstated the projected dollar value of the offering.

Shareholders of BankUnited (BKU) in Miami Lakes, Fla., are preparing to sell more than $330 million of the company's stock.

The shareholders will offer 9 million shares to the public in the secondary offering, the $14.3 billion-asset BankUnited announced Monday. The underwriters of the transaction, JPMorgan Securities, B of A Merrill Lynch and Morgan Stanley, will be given the option of buying another 1.35 million shares.

The underwriters' option would bring the total sale to about $330 million at the company's share price of $31.88 at close of trading Friday. The stock fell more than 2% in pre-market trading Monday morning.

BankUnited plans to file an offering prospectus with the Securities and Exchange Commission on March 6, it said.

BankUnited reported third-quarter earnings last week of $54.3 million, up 9% from the same period a year ago. The company opened five branches in New York City this summer, and now has 104 locations in New York and Florida.

For reprint and licensing requests for this article, click here.
Community banking M&A
MORE FROM AMERICAN BANKER