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.
Forward-Looking
Statements
This notice contains certain forward-looking statements, as
defined in Section�27A of the Securities Act of 1933, as amended
(the �Securities Act�), and Section�21E of the Securities Exchange
Act of 1934, as amended (the �Exchange Act�). Forward-looking
statements are statements that are not historical facts and,
without limitation, include predictions, forecasts, indications or
discussions of future results, performances or achievements.
Certain statements including words such as: �will likely result,�
�expect,� �will continue,� �anticipate,� �estimate,� �project,�
�believe,� �intend,� �will,� �should,� �would,� �could,� �may,�
�can,� �plan,� �target� and similar expressions, are intended to be
�forward-looking statements� within the meaning of the Private
Securities Litigation Reform Act of 1995 (�PSLRA�). In particular,
statements relating to future actions, trends in the Company�s
business, prospective services or products, future performance or
financial results and the outcome of contingencies, such as legal
proceedings, are considered forward-looking statements. The Company
claims the protection afforded by the safe harbor for
forward-looking statements provided by the PSLRA.
Forward-looking statements may include, but are not limited to,
the estimates of the Company�s financial results for the 2008
fiscal year end and first fiscal quarter and second fiscal quarter
of 2009; discussions concerning national and regional business and
economic conditions; fiscal and monetary policies; changes in
interest rates; deterioration in the general economy and the credit
markets; changes in policy or discretionary decisions by the FHLB,
the FDIC or the Federal Reserve; a reduced demand for credit; a
decrease in deposit flows, loan demand or deposits or other
customers; risks associated with residential mortgage lending or
the decline in the housing market, including, without limitation,
continued deterioration in credit quality, reduced real estate
values and slower sales, interest rate changes, payment elections
by borrowers of option ARM loans and deterioration in the ability
of borrowers to repay their loans and other debts; uncertainty
about the effectiveness of the U.S. Treasury�s Troubled Asset
Relief Program Capital Purchase Program (�TARP�); competition from
other financial service companies in the Company�s markets;
potential or actual actions by regulators, including, without
limitation, receivership based upon the Company�s inability to
comply with the Consent Orders and the PCA Agreements requiring the
Bank to have a certain level of capital ratios as of December�31,
2008 and May 5, 2009, respectively, new, changed or increased
regulatory restrictions and the ability to comply with such
restrictions; the outcome of existing and any new legal proceedings
against the Company, including adverse decisions in significant
actions including, but not limited to, actions brought by federal
and state authorities and class action cases; changes in
regulations, laws, policies or standards, including, among others,
changes in accounting standards, guidelines and policies;
volatility in the market price of the Company�s common stock;
unfavorable conditions in the capital markets; the possible loss of
key personnel; the possible inability to successfully implement
strategic initiatives, and other economic, competitive, servicing
capacity, governmental, regulatory and technological factors
affecting the Company�s operations, price, products and delivery of
services; the possibility that the commercial loan, commercial real
estate loan and consumer loan market may continue to deteriorate;
the possible inability to successfully raise and maintain capital
needed to continue operations; the outcome of tax audits; the
issuance, redemption or deferral of payments on the Company�s debt
or equity; the concentration of operations in Florida; reliance on
other companies for products and services; and acts of terrorism,
war, other man-made or natural disasters, including hurricanes,
that may adversely affect the Company�s business and
operations.
The Company is not able to make any assurances, including but
not limited to any assurances that the increased rate of sale of
foreclosed homes will continue in future periods; that the
percentage of unsold homes in escrow or under negotiation will be
representative of the number or percentage of homes sold in future
periods; that the Company will be able to attract or maintain the
needed complement of accounting personnel to remediate the material
weaknesses in its internal control over financial reporting on a
timely basis; that the Company will have adequate liquidity in
future periods; that Company will be able to improve its capital
position; or that the regulatory authorities will not take
enforcement action against the Bank, such as placing the Bank into
receivership.
Actual results or performance could differ from those implied or
contemplated by forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made, and are not
historical facts or guarantees of future performance. Other factors
that could cause actual results to differ materially are: (i)�other
risks and uncertainties described from time to time in the
Company�s filings with the SEC; and (ii)�other risks and
uncertainties that have not been identified at this time.
Information in this notice is solely as of the dates, and for the
periods, indicated. The Company does not undertake, and
specifically disclaims any obligation, to publicly update or revise
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements, whether as the result of new information,
future events or otherwise. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed in or
incorporated by reference into this report might not occur.
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