On March 4, 2009, BankUnited Financial Corp. (the “Company”)
(Nasdaq:BKUNA) received a non-compliance notice (the “March 4 Notice”)
from the Nasdaq Stock Market (“Nasdaq”) stating that, because the
Company did not timely file its Annual Report on Form 10-Q for the
period ended December 31, 2008 (the “Form 10-Q”), it does not comply
with the rules for continued listing, including Rule 4310(c)(14). Nasdaq
Marketplace Rule 4310(c)(14) requires 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. 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
“Form 10-K”). The plan submitted to Nasdaq also referred to the expected
late filing of the Form 10-Q and included both the Form 10-K and the
Form 10-Q in the compliance plan.
According to the March 4 Notice, the Company has 60 days, or until May
4, 2009, to submit a plan to regain compliance in connection with its
Form 10-Q. According to the March 4 Notice, if the Nasdaq Staff approves
the compliance plan submitted by the Company, Nasdaq may grant the
Company up to 180 calendar days from the due date of the Form 10-K, or
until June 15, 2009, to regain compliance for both the Form 10-K and the
Form 10-Q. As of March 10, 2009, the Company has not heard a decision
from Nasdaq on the compliance plan it submitted in connection with the
Form 10-K.
The Company stated in the Form 12b-25, Notification of Late Filing,
filed with the SEC on February 2, 2009 that it did not anticipate filing
the Form 10-K and Form 10-Q for a couple of months. The Company cannot
provide any assurance that Nasdaq will grant an exception for the full
180-day period contemplated in the Nasdaq Marketplace Rules, if at all.
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. 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.
