Investors Led by John Kanas Acquire BankUnited

$900 Million in New Capital Makes BankUnited One of Florida`s Best Capitalized
Banks

John Kanas Becomes Chairman and Chief Executive Officer

Bank Poised to Grow into Regional Institution

Media Conference Call to Be Held Tonight at 8:15PM EDT
CORAL GABLES, Fla.--(Business Wire)--
Investors led by John Kanas announced today that they have invested $900 million
in a new depository institution that acquired the operations of BankUnited, FSB
from the Federal Deposit Insurance Corporation, as Receiver. The investors
include funds advised by The Blackstone Group, The Carlyle Group, Centerbridge
Partners and WL Ross & Co.

After the close of business on May 21, 2009 the Office of Thrift Supervision
closed BankUnited, FSB and appointed the FDIC as Receiver. The FDIC facilitated
a sale of BankUnited`s operations, deposits, and assets to the newly formed
depository institution. The transaction is the culmination of a competitive
four-month auction process run by the FDIC. The new institution will retain the
name BankUnited and will remain headquartered in Coral Gables, Florida. The new
BankUnited, one of the strongest banks in Florida as a result of this
transaction, re-commits itself to serving individuals, businesses and local
communities throughout Florida and the Southeast.

Mr. Kanas, who is the former Chairman and CEO of North Fork Bancorporation, will
become BankUnited`s Chairman and Chief Executive Officer. Mr. Kanas brings more
than 35 years of successful bank leadership and is widely credited with building
North Fork into one of New York`s largest and most profitable banking companies.

"Today`s transaction re-establishes BankUnited as a safe, strong and
well-capitalized bank with the resources and commitment to serve customers and
communities in Florida and the Southeast," Mr. Kanas said. "We want our
customers to know that BankUnited is eager to serve their financial needs. This
transition will be seamless to customers as they will continue to bank at the
same branches, use the same ATM cards, checks and other BankUnited products
delivered by the same employees they know.

"This investment marks a new and important chapter in BankUnited`s history," Mr.
Kanas continued. "We believe in the strength, vibrancy and potential of the
Florida market. Over the coming months, we plan to introduce more products and
better services to individual and business customers. BankUnited has a strong
and rich history serving Floridians and, as of today, we have a real opportunity
to grow into an important regional institution. I look forward to being a part
of the bank`s future growth story alongside BankUnited`s existing management
team as we help take part in Florida`s economic recovery. This transaction is
beneficial for BankUnited employees, as this bank embarks on a path of renewed
growth and vitality."

Banc of America Merrill Lynch Securities served as financial advisor, and
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to the investor
group and new management team of BankUnited. Simpson Thacher & Bartlett LLP
served as legal advisor to The Blackstone Group, The Carlyle Group and
Centerbridge Partners. Wachtell, Lipton, Rosen & Katz served as legal advisor to
WL Ross & Co.

The company will hold a media conference call tonight at 8:15 p.m. EDT to
discuss the transaction. To access the call, please dial 1-866-225-8754 for
domestic callers or 1-480-629-9725 for international callers.

About BankUnited

BankUnited Financial Corp. is the holding company for BankUnited FSB, the
largest banking institution headquartered in Florida.

Serving customers through 86 branches in 13 coastal counties, BankUnited offers
a full spectrum of consumer and commercial banking products and services,
including online products that can be accessed through
http://www.bankunited.com. For additional information, call 1-877-779-2265.

Media:
The Abernathy MacGregor Group
Tom Johnson or Mike Pascale
1-212-371-5999

Copyright Business Wire 2009