(Source: Business Wire)
BankUnited Financial Corp. (NASDAQ:BKUNA) (the "Company") and certain of its affiliates announced today that they have commenced proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida. The filing of the bankruptcy cases was prompted by the appointment of the Federal Deposit Insurance Corporation ("FDIC") as receiver for the Company's banking operations, BankUnited FSB (the "Bank"), by the Office of Thrift Supervision ("OTS"). As receiver, the FDICby operation of law succeeds to "all rights, titles, powers, and privileges of the insured depository institution, and of any stockholder, member, accountholder, depositor, officer, or director of such institution with respect to the institution and the assets of the institution; andtitle to the books, records, and assets of any previous conservator or other legal custodian of such institution." 12 U.S.C. 1821(d)(2). Given the financial condition of the Bank, it is unlikely that the Company will be entitled to any distribution from the FDIC as receiver for the Bank.
About the Company
BankUnited Financial Corp. is a Florida corporation. It is the former holding company for BankUnited FSB,now in receivership.
Forward Looking Statements
This notice contains certain forward-looking statements, as defined in Section27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section21E 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.
