MIAMI LAKES, Fla. & GREENVILLE, S.C.--(BUSINESS WIRE)--Mar. 9, 2015--
BankUnited, Inc. (together with its subsidiaries, “BankUnited”) (NYSE:
BKU) and CertusHoldings, Inc. (together with its subsidiaries, “Certus”)
today announced that BankUnited has entered into a definitive agreement
with Certus to acquire Certus’ Small Business Finance Unit in an asset
purchase transaction.
The Small Business Finance Unit, consistently one of the top 20 Small
Business Administration (“SBA”) lenders in the United States,
originates, sells and services small business loans pursuant to the
SBA’s 7(a) loan program and CDC/504 loan program and the U.S. Department
of Agriculture’s Business & Industry and Community Facilities loan
programs.
In connection with the transaction, BankUnited will acquire the Small
Business Finance Unit’s loan portfolio, which totaled approximately $203
million as of January 31, 2015, as well as substantially all of its
operating assets, and will assume certain of its operating liabilities.
The purchase price for the transaction will be a $20 million premium to
the tangible net asset value of the acquired assets and the assumed
liabilities, subject to adjustment. The transaction is expected to be
accretive to BankUnited’s earnings in the first year, with a projected
tangible book value earnback period of less than 2 years.
John A. Kanas, Chairman, President and Chief Executive Officer of
BankUnited, said, “We are very excited to welcome the Small Business
Finance Unit from CertusBank into the BankUnited family. The team’s
track record and reputation have been impressive and we believe they are
a complementary fit to our dynamic and growing organization.”
John S. Poelker, Chairman, President and Chief Executive Officer of
Certus, commented, “This transaction will significantly improve
CertusBank’s liquidity and capital positions and allow us to focus our
attention on returning to a more traditional community banking
structure. The Small Business Finance Unit has consistently been a
strong performer for our organization and I’m confident our SBF
teammates will continue to excel as they make the transition to
BankUnited.”
Closing of the transaction is subject to receipt of required
governmental approvals and Certus shareholder approval. The parties
expect the transaction to be completed in the second quarter of 2015.
BankUnited’s legal advisors on the transaction are Cadwalader,
Wickersham & Taft LLP. Certus’ financial advisors on the transaction are
Keefe, Bruyette & Woods, Inc. and Sandler O’Neill + Partners, L.P., and
Certus’ legal advisors are Nelson Mullins Riley & Scarborough LLP.
About BankUnited, Inc.
BankUnited, Inc., with total assets of $19.2 billion at December 31,
2014, is the bank holding company of BankUnited, N.A., a national bank
headquartered in Miami Lakes, Florida with 100 branches in 15 Florida
counties and 6 banking centers in the New York metropolitan area at
December 31, 2014.
About CertusHoldings, Inc.
CertusHoldings, Inc. is the parent company of CertusBank, N.A., a
nationally chartered bank headquartered in Greenville, South Carolina.
CertusBank has more than 30 branches in the Carolinas, Florida and
Georgia and offers a full range of Consumer and Commercial banking
solutions. Visit CertusBank.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
reflect BankUnited’s current views with respect to, among other things,
future events and financial performance.
BankUnited generally identifies forward-looking statements by
terminology such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the
negative version of those words or other comparable words. Any
forward-looking statements contained in this press release are based on
the historical performance of BankUnited and its subsidiaries or on
BankUnited’s current plans, estimates and expectations. The inclusion of
this forward-looking information should not be regarded as a
representation by BankUnited that the future plans, estimates or
expectations contemplated by BankUnited will be achieved. Such
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to BankUnited’s operations,
financial results, financial condition, business prospects, growth
strategy and liquidity, as well as the ability to receive, and the
timing for receiving, the requisite approvals to consummate the Certus
transaction and the benefits of such transaction. If one or more of
these or other risks or uncertainties materialize, or if BankUnited’s
underlying assumptions prove to be incorrect, actual results may vary
materially from those indicated in these statements. These factors
should not be construed as exhaustive. BankUnited does not undertake any
obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise. A number of important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements. Information on these factors can be found in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2014
available at the SEC’s website (www.sec.gov).
Source: BankUnited, Inc.
BankUnited, Inc.
Investor Relations:
Leslie Lunak,
786-313-1698
llunak@bankunited.com
or
Media
Relations:
Mary Harris, 305-817-8117
mharris@bankunited.com
or
CertusHoldings,
Inc.
Emily Ledbetter, 864-315-4963
EmilyLedbetter@CertusBank.com
