John Kanas Responds to Litigation Filed by Capital One Financial; Remains Confident in Their Position

MIAMI LAKES, Fla., July 19, 2011 /PRNewswire/ -- John Kanas, the Chairman, President and Chief Executive officer of BankUnited (NYSE: BKU) today released the following statement in response to litigation filed against himself and John Bohlsen, the bank's Vice Chairman and Chief Lending Officer by Capital One Financial Corp. (NYSE: COF).

"John Bohlsen and I are well aware of our contractual obligations under our non-competition agreements with Capital One. We have been fully compliant with those obligations, and we will continue to be so.  The Herald transaction has been structured to fall squarely within an explicit exception to the non-compete provisions in our agreements.   We are very confident of our position and very confident that we will prevail in this lawsuit and that our proposed transaction with Herald, as well as our expansion strategy in the Northeast, will proceed as planned."

SOURCE BankUnited