BankUnited private equity partners who sold their shares will not seek reelection to the bank’s board

 

icordle@MiamiHerald.com

BankUnited directors Chinh E.Chu, Pierre Olivier Sarkozy, Wilbur L. Ross Jr., and Lance N. West have separately notified BankUnited’s board that they will not stand for re-election to the company’s board of directors at its 2014 annual meeting of stockholders.

“Their decision did not involve a disgreement with the company on any matter relating to the company’s operations, policies or practices,” the filing with the Securities and Exchange Commision said.

The SEC filing comes after Miami Lakes-based BankUnited completed a public offering of 11.8 million shares at $33.145 per share. The proceeds were used to pay off several private equity groups that had invested in the bank, linked to the directors who are not seeking reelection. The groups include Blackstone Capital Partners, Carlyle Partners and Centerbridge Capital Partners.

Investor Ross, alone, sold 3,131,307 million shares at $33.145 a share, for more than $103 million, a separate SEC filing shows.

In January 2011, BankUnited completed its initial public offering, raising nearly $800 million, at 29 million shares priced at $27 a share.

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