Another bank teeters on miscarriage Stated income.

Officials with the holding retinue for BankUnited said they have to be defeated at least $327 million in the aware quarter and desperately scarcity to raise cash to survive. Financial conditions are so unsatisfactory at BankUnited that officials were unqualified to submit a monetary year-end report to the Securities and Exchange Commission. "Continuing adverse furnish conditions and the complication of accounting and disclosure issues has increased the paucity for additional evaluation and analysis of our business including, without limitation, regulatory issues, liquidity and capital," officials with BankUnited Financial Corp. wrote the SEC on Dec. 16. Officials with the bank's holding corporation said they are working to recruit head and are under regulatory peacefulness to do so.

BankUnited officials in their disclosure to the SEC said negotiations are underway with a supply to farm capital, If those negotiations are vain "there is successful anxiety about our adeptness to continue as a going concern," bank officials wrote. Like many other banks in Florida, BankUnited owes its economic teach to overaggressive lending in the state's booming existent place market, which hit its tip around 2006. Forty-three percent of BankUnited's residential loans were made to borrowers who entirely had to testify what their proceeds was, according to the bank's every three months filing with the SEC in October.

The pursuit is referred to in the industry as no-documentation or "no-doc" loans. For another 9 percent of the bank's residential loans, there was no receipts or talent verification, stated or otherwise, according to the filing. As of March, BankUnited's non-performing loans totaled $682 million, compared to $208 million in September of 2007. BankUnited, based in Coral Gables, is the largest Florida-headquartered bank and had $14 billion in assets as of June. Shares of BankUnited, founded in 1984, have dealings on the Nasdaq return under the flag BKUNA.

In the gone year, the customary has gone from $8 to 24 cents a share. BankUnited has a subsidiary in Bradenton and two in Sarasota, according to its Web site. The bank has more than 80 branches in 13 Florida counties, its place states. Brian Neill, Herald enterprise reporter, can be reached at 748-0411, ext. 2120.

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