The Coral Gables-based parent of BankUnited FSB made the announcement just days after it netted about $74 million on the sale of new common stock in a move to fuel the company's expansion plans. BankUnited is an active commercial real estate lender.
When the company redeems those issues on Aug. 15, all perpetual preferred stockholders will receive $10 a share. The company's board of directors first approved the redemption and the exchange value in May 1999.
Announcement of the redemption had little impact on the company's publicly traded common shares. The issue closed up five cents Monday at $14.40 on volume of 97,500, just 55 cents off the 52-week high of $14.95. Shares have traded as low as $6.13 over the same time period.
The announcement comes as a consensus of stock analysts tracked by the financial services firm Thompson/First Call expects the bank to earn 20 cents a share for the third quarter ended June 30. The company exceeded the consensus forecast of 18 cents by three cents a share for the second quarter ended March 31.
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