BankUnited holders vote to increase share base

By Associated Press
June 27, 2008 | Comments (0)

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BankUnited Financial Corp. said its shareholders approved more than doubling its authorized share base, which would allow the bank to raise money on the capital markets.

BankUnited, based in Coral Gables, Fla., said its shareholders approved an increase of its share base to 500 million shares from the current 200 million.

Regional banks such as BankUnited have come under pressure as customers fall behind on loan payments and their investments have lost value. That has left many in need of capital to boost their reserves to levels sufficient to cover potential losses from non-performing loans.

BankUnited shares rose 9 cents, or 7 percent, to $1.39 in morning trading.

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