Shareholders for Herald National Bank of New York have until Dec. 21 to decide how they want to get paid in the proposed merger with BankUnited Inc. of Miami Lakes, Fla.

Shareholders may choose to receive either cash or BankUnited common stock in the $71.4 million deal. Regardless of their selection, each of their shares would be worth the equivalent of $1.35 plus a fraction of a share of BankUnited stock.

The $10.9 billion-asset BankUnited said in June that it would acquire the $486.7 million-asset Herald National. At the time, the deal was valued at $4.13 a share. BankUnited had expected to pay $22.9 million in cash and approximately 1.7 million shares of its common stock.

BankUnited has more than 80 branches in 13 Florida counties. Herald National provides commercial and private banking to small and midsize businesses and high-net-worth customers in the New York metropolitan area.

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