BankUnited Financial Corporation (fka BKUNQ)

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Bouncing at $1

DOW JONES NEWSWIRES

BankUnited Financial Corp. (BKUNA) on Tuesday said it expects to report a second-quarter loss of $443.1 million, or $12.55 a share, widening from a loss of $65.8 million, or $1.88 a share, in the year-ago period.
The Coral Gables, Fla., bank holding company failed to meet an April deadline from the federal government to raise capital or find a buyer, according to a filing with the Securities and Exchange Commission. It ended the quarter with about $1.3 billion in cash on hand.
The company said it needs to raise about $1 billion to raise its Total Risk Based Capital Ratio to 8%.
The company identified two material weaknesses in its internal control over financial reporting, according to the filing, leaving a "reasonable possibility" that BankUnited wouldn't be able to detect problems with its financial disclosures.
BankUnited filed to delay its quarterly report with the SEC, citing the complexity of accounting and disclosure issues for the delay.

-By David J. Reynolds, Dow Jones Newswires; 202-862-1342; [e-mail]

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(END) Dow Jones Newswires
05-12-09 1742ET
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