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Bankunited (BKU) Provides Loan To Admiral Farragut Academy Of St. Petersburg

 December 26, 2012 02:37 PM


(By Balaseshan) BankUnited Inc. (NYSE: BKU), a bank holding company, said it has provided a loan worth $4.3 million to Admiral Farragut Academy Inc. of St. Petersburg.

Admiral Farragut Academy is a Pre-K through 12th grade private college preparatory school with a Naval Junior Reserve Officer Training Corps (NJROTC) program in St. Petersburg. The transaction refinanced an existing bond issue by the Pinellas County Educational Facilities Authority.

Admiral Farragut Academy is located at 501 Park Street North, St. Petersburg. The school's campus occupies two real estate parcels of nearly 35 gross acres, with 28 buildings totaling 158,000 square feet.

"With nine branches throughout Tampa and St. Petersburg, and with experienced lending teams on the ground, BankUnited is increasing its loan activity and making capital available," said William Lutes, BankUnited's senior vice president and manager of corporate and commercial lending.

BankUnited, headquartered in Miami Lakes, Florida, provides a wide range of commercial and consumer banking services to businesses and consumers in 15 Florida counties through more than 95 branches.

BKU is trading up 0.78% at $24.44 on Wednesday. The stock has been trading between $21.66 and $26.33 for the past 52 weeks.

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