Nothing but negotiation

The Gap Partnership

BankUnited demonstrates negotiation skill

The lending institution has completed the takeover of a New York organisation.

03 June 2011

Negotiation skill has been shown by BankUnited (BKU) after it completed its takeover of Herald National Bank (HNB).

While it still requires the approval of the regulatory authorities, the process is expected to be rubber stamped and finished by the end of 2011.

Rajinder Singh, chief operating officer of BKU, noted the move represents an "important step" in the expansion plans that the lending institution has.

"With its clean balance sheet and team of talented professionals, we expect this transaction to make a significant contribution to BKU's earnings over time," he added.

A number of merger and acquisition consultants may have been required to ensure the agreement was to the suiting of both parties.

Randy Nielsen, HNB's chairman and chief executive officer, noted his organisation is "thrilled" by the prospect of the link-up, adding the deal represents a "great outcome" for both employees and shareholders.

He recently revealed that the first quarter of 2011 saw the bank continue its profitability.

Posted by David Gleck

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