BankUnited CEO to Retire, Operating Chief Named to Top Post
August 31 2016 - 6:40PM
Dow Jones News
BankUnited Inc.'s chief operating officer will become chief
executive next year, succeeding John A. Kanas, the New York banker
who led the bank's comeback following the financial crisis.
The Florida-based lender, one of the largest banks to fail
during the crisis, was bought in 2009 by a group of private-equity
firms, including W.L. Ross & Co., Carlyle Group LP, Blackstone
Group LP and Centerbridge Partners.
BankUnited said Mr. Kanas intends to retire as president and
chief executive on Dec. 31 but will stay on as board chairman.
The 45-year-old Rajinder P. Singh, who also part of the 2009
founding team, has held the title of operating chief since October
2010. He will be succeeded by Thomas M. Cornish, currently
president for the Florida region. Mr. Cornish, 57, joined the bank
in 2014.
Mr. Kanas, best known for building North Fork Bancorp into a
regional-banking powerhouse in the 1990s, was installed as CEO and
under his leadership BankUnited became a success story. Its initial
public offering was the first stock sale by a bank that failed
during the financial crisis.
The $27-a-share IPO valued the bank at $2.6 billion. Today, with
more than $26 billion under assets, the bank is valued at $3.35
billion, according to FactSet, based on Wednesday's $32.15 closing
price.
Robin Sidel contributed to this article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 31, 2016 18:25 ET (22:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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