BankUnited to Use Funds for New York Deals

BankUnited, the Florida lender owned by investors including Blackstone Group LP, Carlyle Group and WL Ross & Co., plans to use proceeds from an initial public offering to take over New York-based banks, according to a person with direct knowledge of the bank's plans.

BankUnited, which plans to file for an IPO this week, is aiming to raise more than $500 million in the sale, said the person, who declined to be identified because the matter is private. In addition to raising money for acquisitions, the bank's private-equity backers will sell some of their stakes, the person said.

John Kanas, BankUnited's chief executive officer, plans to use relationships with New York regulators and bank executives to line up purchases, the person said. Kanas built Melville, N.Y.-based North Fork Bancorp. through acquisitions, then sold the company to Capital One Financial Corp. in 2006 for about $15 billion.

Melissa Gracey, a spokeswoman for BankUnited, declined to comment.

The Deal reported the timing of the planned IPO filing.

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