BankUnited, Inc. Announces the Sale of Certain Investment Securities
MIAMI LAKES, Fla. -- December 18, 2013
On December 17, 2013, BankUnited, Inc. (the “Company”) (NYSE: BKU) executed
the last open market sales of its Collateralized Loan Obligations (CLOs)
portfolio. The amortized cost basis of the CLOs sold was approximately $431
million, comprising the Company’s entire CLO portfolio, and the sales resulted
in a net loss of approximately $1.4 million. The Company also executed sales
of private label Re-Remics with an amortized cost basis of approximately $119
million at an aggregate net gain of approximately $3.8 million. The sales of
the CLOs and the Re-Remics were prompted by the recent release of the Volcker
Rule (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act) and its potential impact on BankUnited’s investment activities. The
Company continues to evaluate its remaining investment holdings in light of
the Volcker Rule.
About BankUnited, Inc.
BankUnited, Inc. is the bank holding company of BankUnited, N.A., a national
bank headquartered in Miami Lakes, Florida with 99 branches in 15 Florida
counties and 5 banking centers in the New York metropolitan area.
Leslie N. Lunak, 786-313-1698
Mary Harris, 305-817-8117
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