BankUnited Financial Corporation (NASDAQ:BKUNA), parent company
of BankUnited FSB, announced today that effective immediately it
will temporarily suspend foreclosures on owner-occupied homes until
the Treasury Department's Financial Stability Plan home loan
modification program is finalized in the next few weeks.
�We want to help people remain in their homes,� said Ramiro
Ortiz, BankUnited's president and chief executive officer. �The
challenging economic climate,�continued job losses and financial
pressures are affecting our customers. Treasury's plan may provide
different avenues of relief for consumers, and we don't want them
to miss an opportunity to take advantage�of the program.�
About BankUnited
BankUnited Financial Corp. is the holding company for BankUnited
FSB, the largest banking institution headquartered in Florida. At
June 30, 2008, BankUnited had assets of $14.2 billion.
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 notice 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, 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 of �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, (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.
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