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. For additional information, call
877-779-2265.
Forward Looking
Statements
This press release contains certain forward-looking statements,
as defined in Section 27A of the Securities Act of 1933, as amended
(the �Securities Act�), and Section 21E 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.
Forward-looking statements may include, but are not limited to,
the estimates of our fiscal year 2008 end and first quarter of
fiscal year 2009 financial results; our ability to file required
financial statements under the Securities Exchange Act of 1934;
discussions concerning national and regional business and economic
conditions, fiscal and monetary policies; changes in interest
rates; deterioration in the general economy and the credit markets;
changes in policy or discretionary decisions by the FHLB or the
Federal Reserve; a reduced demand for credit; a decrease in deposit
flows, loan demand or deposits or other customers; risks associated
with residential mortgage lending or the decline in the housing
market, including, without limitation, continued deterioration in
credit quality, reduced real estate values and slower sales,
interest rate changes, payment elections by borrowers of option ARM
loans and deterioration in the ability of borrowers to repay their
loans and other debts; uncertainty about the effectiveness of the
U.S. Treasury�s Troubled Asset Relief Program Capital Purchase
Program (�TARP�); competition from other financial service
companies in the Company�s markets; potential or actual actions by
regulators, including, without limitation, receivership based upon
the Company�s inability to comply with the Order requiring the Bank
to have a certain level of capital ratios as of December 31, 2008,
new, changed or increased regulatory restrictions and the ability
to comply with such restrictions; the outcome of existing and any
new legal proceedings against the Company, including adverse
decisions in significant actions including, but not limited to,
actions brought by federal and state authorities and class action
cases; changes in regulations, laws, policies or standards,
including, among others, changes in accounting standards,
guidelines and policies; volatility in the market price of the
Company�s common stock; unfavorable conditions in the capital
markets; the possible loss of key personnel; the possible inability
to successfully implement strategic initiatives, and other
economic, competitive, servicing capacity, governmental, regulatory
and technological factors affecting the Company�s operations,
price, products and delivery of services; the possibility that the
commercial loan, commercial real estate loan and consumer loan
market may continue to deteriorate; the possible inability to
successfully raise and maintain capital needed to continue
operations; the outcome of tax audits; the issuance, redemption or
deferral of payments on the Company�s debt or equity; the
concentration of operations in Florida; reliance on other companies
for products and services; acts of terrorism, war, other man-made
or natural disasters, including hurricanes, that may adversely
affect the Company�s business and operations.
The Company is not able to make any assurances, including but
not limited to any assurances that the increased rate of sale of
foreclosed homes will continue in future periods; that the
percentage of unsold homes in escrow or under negotiation will be
representative of the number or percentage of homes sold in future
periods; that the Company will be able to attract or maintain the
needed complement of accounting personnel to remediate the material
weaknesses on a timely basis; that the Company will have adequate
liquidity in future periods; that Company will be able to regain
its status as �well-capitalized;� or that the regulatory
authorities will not take enforcement action against the Bank, such
as placing the Bank into receivership.
Actual results or performance could differ from those implied or
contemplated by forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made, and are not
historical facts or guarantees of future performance. Other factors
that could cause actual results to differ materially are: (i)�other
risks and uncertainties described from time to time in the
Company�s filings with the SEC, and (ii)�other risks and
uncertainties that have not been identified at this time.
Information in this notice is solely as of the dates, and for the
periods, indicated. The Company does not undertake, and
specifically disclaims any obligation, to publicly update or revise
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements, whether as the result of new information,
future events or otherwise. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed in or
incorporated by reference into this report might not occur.
Bankunited Fin Corp (MM) (NASDAQ:BKUNA)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 6 2024 ã¾ã§ 7 2024
Bankunited Fin Corp (MM) (NASDAQ:BKUNA)
éŽåŽ» æ ªä¾¡ãƒãƒ£ãƒ¼ãƒˆ
ã‹ã‚‰ 7 2023 ã¾ã§ 7 2024
