SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CAMNER ALFRED R

(Last)

(First)

(Middle)

255 ALHAMBRA CIRCLE

(Street)

CORAL GABLES

33134

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BANKUNITED FINANCIAL CORP [ BKUNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman of the Board and CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Noncumulative Convertible Preferred Stock, Series B⁽¹⁾	10/30/2006		A		35,000⁽²⁾	A	$0⁽²⁾	872,833	D
Noncumulative Convertible Preferred Stock, Series B⁽¹⁾	10/30/2006		A		35,000⁽²⁾	A	$0⁽²⁾	907,833	D
Noncumulative Convertible Preferred Stock, Series B⁽¹⁾	10/30/2006		A		35,000⁽³⁾	A	$0	942,833	D
Noncumulative Convertible Preferred Stock, Series B								3,103	I	By Wife
Noncumulative Convertible Preferred Stock, Series B								5,868	I	By Trust for Descendants
Noncumulative Convertible Preferred Stock, Series B								26,720	I	By Rabbi Trust
Class B Common Stock	10/27/2006		C⁽⁴⁾		80,315	D	$0	190,475	D
Class B Common Stock	10/30/2006		J⁽⁵⁾		6,655	D	$0	183,820	D
Class B Common Stock	10/30/2006		J⁽⁵⁾		6,655	A	$0	96,200	I	By Trust For Descendants
Class B Common Stock	10/31/2006		M		3,000	A	$7.25	186,820	D
Class B Common Stock								1,914	I	By Wife
Class B Common Stock								175,591	I	By Rabbi Trust
Class A Common Stock	10/27/2006		C⁽⁴⁾		80,315	A	$0⁽⁴⁾	83,907	D
Class A Common Stock	10/27/2006		S		5,315	D	$27.14	78,592	D
Class A Common Stock	10/30/2006		S		1,200	D	$26.65	77,392	D
Class A Common Stock	10/30/2006		S		13,700	D	$26.66	63,692	D
Class A Common Stock	10/30/2006		S		3,100	D	$26.68	60,592	D
Class A Common Stock	10/30/2006		S		22,600	D	$26.7	37,992	D
Class A Common Stock	10/30/2006		S		11,000	D	$26.73	26,992	D
Class A Common Stock	10/30/2006		S		12,500	D	$26.74	14,492	D
Class A Common Stock	10/30/2006		S		900	D	$26.75	13,592	D
Class A Common Stock	10/31/2006		S		10,000	D	$27.2	3,592	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$7.25	10/31/2006		M			3,000	05/12/1997	05/12/2007	Class B Common	3,000	$7.25	0	D

Explanation of Responses:

1. Each share of Noncumulative Convertible Preferred Stock, Series B ("Series B Preferred Stock") is convertible into 1.4959 shares of the Company's Class B Common Stock. Each share of Class B Common Stock is convertible into one share of Class A Common Stock. Each share of Series B Preferred Stock is entitled to 2.5 votes per share.

2. This amount represents 35,000 shares of restricted stock granted pursuant to the 2002 BankUnited Financial Corporation Stock Award and Incentive Plan. Vesting of the restricted stock grants are subject to the achievement of performance goals over a specified performance period, and if the performance goals are met, the shares are subject to vesting based on continued service, over a period of six years thereafter. The closing price of the Noncumulative Convertible Preferred Stock, Series B on the grant date was $40.12.

3. This amount represents 35,000 shares of restricted stock granted pursuant to the 2002 BankUnited Financial Corporation Stock Award and Incentive Plan. Vesting of the restricted stock grants are subject to the achievement of performance goals over a specified performance period, and if the performance goals are met, the shares are subject to vesting based on continued service, over a period of five years thereafter. The closing price of the Noncumulative Convertible Preferred Stock, Series B on the grant date was $40.12.

4. On October 27, 2006 the Reporting Person converted 80,315 shares of Class B Common Stock into an equivalent number of shares of Class A Common Stock. For estate planning and tax purposes, the Reporting Person sold 5,315 of these shares of Class A Common Stock in an open market transaction on October 27, 2006, 65,000 of these shares of Class A Common Stock in various open market transactions on October 30, 2006 and the remaining 10,000 shares of Class A Common Stock in a single transaction on Octotber 31, 2006.

5. October 30, 2006 the Reporting Person transfered 6,655 directly owned shares of Class B Common Stock to the Trusts for Descendants for estate planning purposes. Because the reporting owner is a beneficial owner of the Trusts for Descendants, the Reporting Person's beneficial ownership remains unchanged as a result of the transaction.

	/s/ Alfred R. Camner	10/31/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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