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One investor is bullish on BankUnited as the Florida lender attempts to hold a key level.

optionMONSTER's Heat Seeker tracking system detected the purchase of 1,059 June 22.50 calls for $0.30 and the sale of an equal number of June 22.50 puts for $0.35. Volume was above open interest in both strikes, indicating that a new position was opened.

The position is very similar to owning shares because the calls will profit to the upside and the puts will lose money to the downside. It allows them to control more than 100,000 shares in the company, which normally sees volume of less than 300,000 in a session. (See our Education section for more ways that options can be used instead of common equity.)

BKU is down off 0.04 percent to $22.57 in midday trading. The stock has been grinding higher since November and is now attempting to hold support after pulling back to its 200-day moving average.

Another noteworthy aspect of today's trade is that implied volatility was higher in the puts than the calls, which let them open the trade for a small credit.

Overall option volume is 9 times greater than average so far in the session.

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