BankUnited, Inc. (NYSE: BKU) or (“the company”) is a $34.9 billion-asset bank holding company for BankUnited, National Association (“the bank”), headquartered in Miami Lakes, FL. Operating a “branch lite” model, BKU focuses its core commercial banking activities principally in Florida, and to a lesser degree, the greater-NYC area, Dallas, TX, and more recently, the Atlanta, GA, Charlotte, NC and Jacksonville, FL markets. BKU also has a national presence through its mortgage warehouse lending business, with a related residential loan purchase program (correspondent channel). SBA lending is primarily in-footprint.
The “contemporary” BKU was established in 2009 when an investor group acquired the assets and most of the liabilities of a failed thrift, the former Florida-based BankUnited, FSB from the FDIC, recapitalizing the institution with a $900 million investment.
BKU reflects a diversified, reasonably granular loan portfolio with a commercial…
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