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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
BankUnited (NYSE:BKU) is a Florida based savings and loan holding company. BankUnited owns two subsidiaries - BankUnited, a large, independent depository institution, and BankUnited Investment Services, an insurance agency which sells wealth management and financial planning products and services. The bank has approximately $11.2B of assets.[1]
In May of 2009, BankUnited Inc., was formed to acquire all of the assets and liabilities of BankUnited, FSB from the Federal Deposit Insurance Corporation (FDIC). Through this acquisition, the holding company purchased $13.6B in assets and assumed $12.8B of liabilities. The fair value of the assets were $10.9B while the fair value of the liabilities were $13.1B, so the holding company received $2.2B from the FDIC in return for assuming the liabilities and owning the assets of the failed BankUnited, FSB. The holding company also entered Loss Sharing Agreements with the FDIC which help to cover some legacy assets whose true value was highly uncertain at the time of the of the acquisition.[2]
The company's initial public offering of stock on the NYSE occurred on January 27, 2011. The company offered 29M shares each for $27. This was above the initial price range of $23-$25, and an initial offer size of 26.25M. This brought the total deal size to $783M, while the deal was originally expected at $603.75M at the center of the price range. The lead underwriters of the IPO were Morgan Stanley (MS), BofA, and Deutsche Bank AG (DB).[3]
For the first 9 months of 2010, BankUnited Inc, reported an interest income of $415M. They also reported a net income for the same period of $157M. [4]
References
- ↑ BKU F-1/A 2011 PROSPECTUS SUMMARY "Summary" pg1
- ↑ BKU F-1/A 2011 PROSPECTUS SUMMARY "The Acquisition" pg2-3
- ↑ Renaissance Capital - IPO Home "BankUnited prices upsized IPO at $27, above the range" 27 Jan 2010
- ↑ BKU F-1/A 2011 PROSPECTUS SUMMARY "Summary" pg1
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