by Calculated Risk on 5/12/2009 09:04:00 PM

BankUnited filed a Notification of Late Filing with the SEC today (ht Brian). Here are a few excerpts:

We are not able to file a timely Second Quarter 2009 Form 10-Q because we have not completed the preparation of our financial results for either the fiscal year ended September 30, 2008 (the “fiscal 2008”) or the fiscal quarters ended March 31, 2009 and December 31, 2008. This delay results from the continuing adverse market conditions, the complexity of accounting and disclosure issues, which increased the need for additional review and analysis of our business including, without limitation, regulatory issues, liquidity and capital and the material weaknesses in internal control over financial reporting discussed below.

And the bank needs approximately $1 billion in capital:

Most recently, on April 14, 2009, the Board of Directors of the Bank entered into a Stipulation and Consent to Prompt Corrective Action Directive (the “PCA Agreements”) with the OTS. ... The PCA Agreements further required the Bank to achieve and maintain, at a minimum, the following ratios: (i) Total Risk Based Capital Ratio of 8%; (ii) Tier I Core Risk Based Capital Ratio of 4%; and (iii) Leverage Ratio of 4% within twenty days of the effective date of the PCA Agreements. Based on our March 31, 2009 reported capital levels, we would need to raise approximately $1.0 billion to meet the Total Risk Based Capital Ratio of 8%, approximately $706 million to meet the Tier I Core Risk Based Capital Ratio of 4% and approximately $937 million to meet the Leverage Ratio of 4%. The twenty-day period to raise capital and achieve the mandatory minimum capital requirements under the PCA Agreements expired on May 4, 2009 without compliance by the Bank.

It was reported in the Miami Herald that BKUNA was granted an extension until Thursday May 14th:

The Federal Deposit Insurance Corp. allowed a two-week extension and extended the deadline until May 14 for prospective buyers or investors to submit their bids ...

I couldn't find mention of the extension in BKUNA's NT 10-Q filing.

Something to watch this Friday.