Latest news with #BankUnited
Yahoo
20 hours ago
- Business
- Yahoo
BankUnited Announces CFO Succession Plan
MIAMI LAKES, Fla., July 23, 2025--(BUSINESS WIRE)--BankUnited Inc. (NYSE: BKU) announced its succession plan for the role of chief financial officer. James G. Mackey will join the company as senior executive vice president, reporting to BankUnited chairman, president and CEO Rajinder P. Singh, effective August 15, 2025. He will assume the role of chief financial officer on November 1, 2025. Mackey will succeed longtime CFO Leslie Lunak, who plans to retire effective January 1, 2026, after a distinguished tenure with the company. Mackey is a seasoned business executive with extensive experience as a CFO for a variety of highly regarded financial institutions, helping to lead them through transformative periods of growth across finance, operations, risk and controls. Most recently, Mackey served as the CFO for Wells Fargo's consumer lending division. Previously, Mackey was the CFO for Freddie Mac and Ally Financial and was a divisional CFO for Bank of America's corporate investments, corporate treasury and private equity divisions. "We are delighted to welcome Jim to BankUnited as our new chief financial officer, effective this November. With over three decades of experience leading some of the industry's most respected names, Jim brings a wealth of expertise that will be instrumental as we continue to grow and evolve," said Singh. "His proven ability to drive performance and deliver value, while cultivating strong relationships with stakeholders, makes him an excellent addition to our leadership team." During Mackey's time with Wells Fargo, he led the finance team supporting the newly formed consumer lending division, assisting with successful strategic reviews to optimize earnings, minimize operational risk and increase enterprise value. As CFO of Freddie Mac, Mackey helped guide the strategic execution of an enterprise-wide transformation to modernize the institution, improve customer service, adopt modernized capital standards and improve the overall housing finance system. Mackey joined Ally Financial shortly after Ally became a bank holding company. As CFO, he helped transform the company into a leading diversified digital bank, ultimately laying the foundation for significant capital raises. At Bank of America, he led a global team through the financial crisis, with finance responsibility for the parent company and several banking subsidiaries. He played a key role in business, finance and treasury activities related to several major acquisitions. He began his career at PwC, after earning his master's in accounting and bachelor's in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. The transition comes as Lunak announces her retirement. Lunak joined BankUnited in 2010 and assumed the CFO role in 2013. Before rising to her current position, she held the roles of executive vice president, chief accounting officer and senior vice president, finance. During her tenure as CFO, which saw the bank's total assets grow from $12 billion to over $35 billion, Lunak was at the forefront of a successful enterprise-wide initiative aimed at strengthening BankUnited's core business model, streamlining its organizational structure and broadening its portfolio of products and services. "As an integral member of our C-suite management team, Leslie has made many significant and lasting contributions that have helped to transform BankUnited into a leading national commercial bank," said Singh. "Leslie has strengthened BankUnited's capital position, led the implementation of a new credit loss accounting standard, guided impactful cost savings and revenue-generating initiatives and helped steer the company through periods of market volatility and a pandemic. We are grateful for her 15 years of dedication and commitment and wish her well as she begins a new chapter." BankUnited, N.A. is a national bank and one of the largest independent depository institutions headquartered in Florida, now operating in Florida, New York, Dallas, Atlanta, Morristown, New Jersey and Charlotte, North Carolina. BankUnited provides a broad range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. For more information, call (877) 779-2265 or visit About BankUnited, N.A. BankUnited, Inc. (NYSE: BKU), with total assets of $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit BankUnited can be found on Facebook at LinkedIn @BankUnited and on X @BankUnited. View source version on Contacts Donna Crump-Butler, (305) 231-6707dbutler@ Amy Hoffman, (954) 776-1999ahoffman@ Sign in to access your portfolio
Business Wire
21 hours ago
- Business
- Business Wire
BankUnited Announces CFO Succession Plan
MIAMI LAKES, Fla.--(BUSINESS WIRE)--BankUnited Inc. (NYSE: BKU) announced its succession plan for the role of chief financial officer. James G. Mackey will join the company as senior executive vice president, reporting to BankUnited chairman, president and CEO Rajinder P. Singh, effective August 15, 2025. He will assume the role of chief financial officer on November 1, 2025. Mackey will succeed longtime CFO Leslie Lunak, who plans to retire effective January 1, 2026, after a distinguished tenure with the company. "With over three decades of experience leading some of the industry's most respected names, Jim brings a wealth of expertise that will be instrumental as we continue to grow and evolve." Share Mackey is a seasoned business executive with extensive experience as a CFO for a variety of highly regarded financial institutions, helping to lead them through transformative periods of growth across finance, operations, risk and controls. Most recently, Mackey served as the CFO for Wells Fargo's consumer lending division. Previously, Mackey was the CFO for Freddie Mac and Ally Financial and was a divisional CFO for Bank of America's corporate investments, corporate treasury and private equity divisions. 'We are delighted to welcome Jim to BankUnited as our new chief financial officer, effective this November. With over three decades of experience leading some of the industry's most respected names, Jim brings a wealth of expertise that will be instrumental as we continue to grow and evolve,' said Singh. 'His proven ability to drive performance and deliver value, while cultivating strong relationships with stakeholders, makes him an excellent addition to our leadership team.' During Mackey's time with Wells Fargo, he led the finance team supporting the newly formed consumer lending division, assisting with successful strategic reviews to optimize earnings, minimize operational risk and increase enterprise value. As CFO of Freddie Mac, Mackey helped guide the strategic execution of an enterprise-wide transformation to modernize the institution, improve customer service, adopt modernized capital standards and improve the overall housing finance system. Mackey joined Ally Financial shortly after Ally became a bank holding company. As CFO, he helped transform the company into a leading diversified digital bank, ultimately laying the foundation for significant capital raises. At Bank of America, he led a global team through the financial crisis, with finance responsibility for the parent company and several banking subsidiaries. He played a key role in business, finance and treasury activities related to several major acquisitions. He began his career at PwC, after earning his master's in accounting and bachelor's in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. The transition comes as Lunak announces her retirement. Lunak joined BankUnited in 2010 and assumed the CFO role in 2013. Before rising to her current position, she held the roles of executive vice president, chief accounting officer and senior vice president, finance. During her tenure as CFO, which saw the bank's total assets grow from $12 billion to over $35 billion, Lunak was at the forefront of a successful enterprise-wide initiative aimed at strengthening BankUnited's core business model, streamlining its organizational structure and broadening its portfolio of products and services. 'As an integral member of our C-suite management team, Leslie has made many significant and lasting contributions that have helped to transform BankUnited into a leading national commercial bank,' said Singh. 'Leslie has strengthened BankUnited's capital position, led the implementation of a new credit loss accounting standard, guided impactful cost savings and revenue-generating initiatives and helped steer the company through periods of market volatility and a pandemic. We are grateful for her 15 years of dedication and commitment and wish her well as she begins a new chapter.' BankUnited, N.A. is a national bank and one of the largest independent depository institutions headquartered in Florida, now operating in Florida, New York, Dallas, Atlanta, Morristown, New Jersey and Charlotte, North Carolina. BankUnited provides a broad range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. For more information, call (877) 779-2265 or visit About BankUnited, N.A. BankUnited, Inc. (NYSE: BKU), with total assets of $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit BankUnited can be found on Facebook at LinkedIn @BankUnited and on X @BankUnited.
Yahoo
2 days ago
- Business
- Yahoo
BankUnited (BKU) Q2 Earnings Report Preview: What To Look For
Regional banking company BankUnited (NYSE:BKU) will be reporting earnings this Wednesday morning. Here's what investors should know. BankUnited missed analysts' revenue expectations by 2.5% last quarter, reporting revenues of $255.4 million, up 5.7% year on year. It was a softer quarter for the company, with a significant miss of analysts' net interest income estimates and EPS in line with analysts' estimates. Is BankUnited a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting BankUnited's revenue to grow 6.3% year on year to $265.9 million, improving from the 4.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.78 per share. The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. BankUnited has missed Wall Street's revenue estimates five times over the last two years. Looking at BankUnited's peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Texas Capital Bank delivered year-on-year revenue growth of 15.2%, beating analysts' expectations by 2.7%, and Nicolet Bankshares reported revenues up 12.7%, topping estimates by 4.4%. Texas Capital Bank traded up 4.8% following the results while Nicolet Bankshares was also up 7.8%. Read our full analysis of Texas Capital Bank's results here and Nicolet Bankshares's results here. There has been positive sentiment among investors in the regional banks segment, with share prices up 7.8% on average over the last month. BankUnited is up 9.6% during the same time and is heading into earnings with an average analyst price target of $40.13 (compared to the current share price of $37.81). Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Sign in to access your portfolio
Yahoo
09-07-2025
- Business
- Yahoo
Planet Hollywood sues Florida bank in alleged PPP fraud
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Planet Hollywood and its affiliated companies are suing Miami-based BankUnited over roughly $6 million in Paycheck Protection Program debt, claiming that it should have been forgiven under the Coronavirus Aid, Relief and Economic Security Act. In a lawsuit filed last week, the restaurant chain claimed that the COVID-19 pandemic-era economic stimulus would have saved at least $4.5 million 'but for the fraud, negligence, and misrepresentations of BankUnited.' The plaintiffs and Planet Hollywood International applied for and received a consolidated PPP loan of more than $7 million, which was funded April 20, 2020. The following month, BankUnited allegedly forced the plaintiffs to abandon the original loan and enter separate loan agreements for each entity with different federal Employer Identification Numbers. BankUnited claimed this was necessary to comply with the Small Business Administration's May 4, 2020, interim final rule. However, the lawsuit contends that the rule did not apply retroactively to loans disbursed before April 30, 2020. The restructured loans fell under the rule's $20 million single corporate group cap called the corporate group limitation, making them ineligible for forgiveness. Moreover, BankUnited allegedly earned more than $125,000 in additional loan origination fees by forcing the creation of seven new separate loans. Planet Hollywood now owes the Florida lender $6 million for allegedly mishandling PPP loans. However, around $4.5 million of the loan would have been forgiven if not for BankUnited's alleged 'fraud' and 'negligence,' the lawsuit claimed. 'But for BankUnited's misrepresentations, fraud, false statements, coercion, threats, and misconduct in forcing Plaintiffs to reapply for PPP loans it claimed violated the [rule] mandates despite the rule's plain and unambiguous language, Plaintiffs' Original Loan would have qualified for forgiveness by the SBA,' according to the lawsuit. 'Instead, due to BankUnited's actions, Plaintiffs are left with millions of dollars in debt.' Further, the plaintiffs alleged that BankUnited had more knowledge and expertise than Planet Hollywood regarding banking, the CARES Act and PPP, and access to information and SBA staff. The companies are suing BankUnited over fraudulent misrepresentation and negligence. Planet Hollywood is seeking full compensation for unforgiven loans and accumulated interest that the plaintiffs are obligated to repay in connection with their PPP loans that would have been forgiven, as well as any other remedies the court deems appropriate. Planet Hollywood, for its part, has faced financial challenges throughout its existence. In 1999, it applied for Chapter 11 bankruptcy, citing revenue loss. In 2000, it exited Chapter 11 with a reorganization plan and applied for Chapter 11 bankruptcy again in October 2001. In April 2025, PB Restaurants, the operator of Planet Hollywood restaurants in New York City's Times Square and Los Angeles International Airport, filed for Chapter 11 bankruptcy. The LAX location permanently closed in April. As of May 2025, three Planet Hollywood restaurants remain operational. Recommended Reading Bank trade groups blast SBA's fintech proposal
Yahoo
07-07-2025
- Business
- Yahoo
Planet Hollywood sues BankUnited over unforgiven PPP debt
Planet Hollywood is suing Miami-based BankUnited for allegedly turning a pandemic lifeline into a mountain of debt. In a lawsuit filed on July 2, the restaurant chain accused the $35 billion-asset bank of mishandling a government-backed loan from the COVID era, leaving the borrower owing more than $6 million. Most of that debt would have been discharged if not for BankUnited's "fraud" and "negligence," according to Planet Hollywood. "But for BankUnited's actions, misrepresentations, and threats to Plaintiff … at least $4.5 million of the loans would have been forgiven," Planet Hollywood's lawyers wrote in their complaint. A BankUnited spokesperson declined American Banker's request for comment, saying the bank does not speak publicly about pending cases. Planet Hollywood's attorneys said the company had no comment beyond what was written in the complaint. The lawsuit, which was filed in Florida state court, was earlier reported by Law360. The saga dates back to the early days of the COVID-19 pandemic, when the federal government made generous Paycheck Protection Program loans to businesses to keep the U.S. economy afloat. In April 2020, Planet Hollywood successfully applied for one such loan, totaling more than $7 million, with BankUnited acting as a middleman. But just one month after approving the loan, the complaint alleges, BankUnited did something unusual: Rather than leaving the debt in one piece, the bank demanded that it be broken up into seven smaller loan agreements. Planet Hollywood complied. As a result, the new loans were now subject to a rule implemented by the Small Business Administration on May 4, 2020. As such, the debt was no longer eligible for forgiveness — at a time when the SBA was forgiving many other such loans. According to Planet Hollywood, BankUnited made this demand under false pretenses. The bank allegedly claimed that breaking up the loan was necessary to comply with the new SBA rule, even though the rule explicitly did not apply retroactively. And there was allegedly also a threat: If Planet Hollywood did not follow BankUnited's instructions, the bank would recall the original loan. Consequently, the lawsuit says, Planet Hollywood ended up owing $4,505,978 that would have otherwise been forgiven by the SBA. In the meantime, BankUnited collected more than $125,000 in loan origination fees, thanks to the seven new loans. "These breaches were conscious, voluntary acts which BankUnited knew created a clear and present risk that Plaintiffs would lose their eligibility for loan forgiveness," Planet Hollywood's lawyers wrote. "BankUnited persisted in its course of action to coerce Plaintiffs to file new, separate loan applications in conscious disregard of the consequences."The restaurant chain is now suing for "all loans and interest," totaling more than $4.5 million, that it currently owes as a result of BankUnited's alleged actions. Planet Hollywood has had a long history of financial trouble. In its 1990s heyday, the chain operated more than 60 restaurants around the world, as well as hotels and casinos. But it later filed for bankruptcy, once in 1999 and again in 2001. Today the chain's website lists only two restaurants and five resorts, at least one of which is owned by a different company.
