MIAMI LAKES, Fla.--(BUSINESS WIRE)--Dec. 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
Source: BankUnited, Inc.
Leslie N. Lunak,
Mary Harris, 305-817-8117