BankUnited Inc. (BKU), the lender run by John Kanas, said existing shareholders are selling 9 million shares of common stock.
The bank won’t receive any of the proceeds, Miami Lakes, Florida-based BankUnited said today in a statement. Investors selling the stock will grant underwriters an option to buy an additional 1.35 million shares, according to the statement.
BankUnited has been expanding in New York, deciding to remain independent after trying unsuccessfully to get a takeover bid that met the board’s expectations, people with knowledge of the situation said in January 2012. The company was among U.S. lenders that failed during the housing-market collapse, prompting regulators to seize its operations and sell most of them in 2009 to a group of private-equity investors, including Kanas.
JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley will manage the offering, according to the statement.
To contact the reporter on this story: Laura Marcinek in New York at email@example.com