SmarTrend(R) News Watch: BankUnited Shares Surge On Takeover Rumors

Shares of BankUnited Financial Corp. (NASDAQ:BKUNA) rallied more than 64% Friday on a report from the South Florida Business Journal which said that two major groups had emerged as potential buyers of the company. On April 14, federal regulators set a 15-day deadline for the company to submit merger paperwork or a sale of the bank and 20 days to complete it. BankUnited has scheduled an annual shareholder meeting for 8:00 a.m. Monday morning. BankUnited boasts a network of 85 branches with $8.6 billion in deposits, however, a large part of its $13.7 billion in assets is comprised of risky mortgages.

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Related terms: business, federal, florida, market, merger, nasdaq, takeover