BankUnited (BKU) is gearing up for branch openings in New York despite being barred by a settlement with Capital One Financial from opening the branches until next year.
The $12 billion-asset company has filed an application with the Office of the Comptroller of the Currency to open four branches in New York. The Miami Lakes, Fla., company filed applications on Sept. 27 to open three branches in New York County and one in Suffolk County.
BankUnited obtained a toehold in New York last year when it agreed to buy Herald National Bank. The deal also spurred an lawsuit by Capital One against John Kanas, BankUnited’s chairman and chief executive, and another executive. The lawsuit claimed that the executives were violated a noncompete they signed before leaving Capital One.
Under terms of a $20 million settlement reached in June, BankUnited is barred from expanding in New York, New Jersey or Connecticut until Jan. 31. The agreement, however, did not prevent BankUnited from filing applications it plans to open after the noncompete expires.