CORAL GABLES, Fla. - BankUnited Financial Corp. said it will offer one million shares of new 9% noncumulative perpetual preferred stock, largely to redeem the preferred of a banking unit.

The shares to be issued will have a liquidation value of $10 each. The company said 475,118 shares will be issued on a 2.5-for-1 exchange basis for 190,048 preferred shares, with a liquidation value of $25, of its BankUnited FSB.

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