November 8, 2013

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A local South Florida bank is growing, and growing beyond our state lines. Our very own BankUnited is actually aiming very high. It is invading the Financial Capital of the World: New York City.

BankUnited is cruising into Brooklyn as part of its New York expansion.

The Miami Lakes-based bank (NYSE: BKU) filed an application with regulators to open a branch at 1333 60th Street, previously a location for Herald National Bank. BankUnited acquired that bank but that branch closed down, until now.

As of June 30, BankUnited had $393 million in deposits in four New York branches and $8.7 billion in deposits in 98 Florida branches, according to the Federal Deposit Insurance Corp. It opened a fifth New York branch in August.

New York has become a big lending market for BankUnited as well with Chairman, President and CEO John Kanasand his team tapping customers from his long career as a New York banker. During its third quarter earnings report, Kanas said it originated $360 million of its new commercial loans in New York and $260 million in Florida during the quarter.

It is rewarding to see one of our neighbors having such success. We wish them great fortune and to make a dent in the financial world. Go BankUnited!

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