BankUnited Financial Corp. of Coral Gables, Fla., announced that it has sold 3.68 million shares of common stock to fund its rapid growth.

The company owns $1.8 billion-asset BankUnited, a federal savings bank. Net proceeds of the stock sale, about $44 million, will be used to fund the bank's expansion in south Florida, including opening branches, the company said.

"With this offering, BankUnited is poised to become one of the largest banks headquartered in Florida," said Alfred R. Camner, chairman and chief executive officer.

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