On Dec. 17, 2008, BankUnited Financial Corporation (NASDAQ:BKUNA),
parent company of BankUnited FSB, received a non-compliance notice from
the Nasdaq Stock Market stating that the Company was not in compliance
with the rules for continued listing, including Rule 4310(c)(14),
because it has not timely filed its Annual Report on Form 10-K for the
year ended Sept. 30, 2008. Issuance of such a notice is standard Nasdaq
procedure when a listed company fails to timely file its Form 10-K. The
Nasdaq letter indicated that the Company has until Feb. 17, 2009 to
submit a plan to regain compliance. If such a plan is timely submitted
by the Company, the Nasdaq Staff can grant the Company up to 180
calendar days from the due date of the Form 10-K (or June 15, 2009) to
regain compliance.
As disclosed in the Company’s Form 12b-25, Notification of Late Filing,
filed with the Securities and Exchange Commission (the “SEC”) on Dec.
16, 2008, as amended on Dec. 17, 2008, the Company has not yet completed
its financial statements for the fiscal year ended Sept. 30, 2008. The
Company currently plans to file the Form 10-K in January 2009 and to
thereby regain compliance with the rules for continued listing. If, for
any reason it is unable to file the Form 10-K prior to Feb. 17, 2009,
the Company intends to submit a plan to regain compliance to the Nasdaq
Listing Qualifications Department no later than Feb. 17, 2009. No
assurance can be given that Nasdaq will grant an exception for the full
180-day period contemplated in the Nasdaq Marketplace Rules, if at all.
Under Nasdaq’s rules, the Company’s common stock would continue to be
listed on Nasdaq until Feb. 17, 2009, and for any exception period that
may be granted to the Company by the Nasdaq Listing Qualifications
Department. However, until the Company regains compliance, quotation
information for the Company’s common stock will include an indicator of
the Company’s non-compliance and the Company will be included in a list
of non-compliant companies on the Nasdaq website.
About BankUnited
BankUnited Financial Corp. is the holding company for BankUnited FSB,
the largest banking institution headquartered in Florida. At June 30,
2008, BankUnited had assets of $14.2 billion.
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.
