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FDIC shuts down, sells Florida-based BankUnited

WASHINGTON — Regulators on Thursday shut down BankUnited FSB, a struggling Florida thrift whose closure is expected to cost the Federal Deposit Insurance Corp. $4.9 billion.

The failure of the Coral Gables-based bank represents the second-largest hit to the FDIC's insurance fund so far — the costliest was last year's seizure of California lender IndyMac, on which the FDIC is estimated to lose $10.7 billion.

BankUnited FSB is the 34th and biggest federally insured institution to be closed this year. The FDIC on Thursday took control of the bank, which called itself Florida's largest banking institution with about $13 billion in assets as of May 2.

The failed bank's parent, BankUnited Financial Corp., had 1,083 employees and 85 branches, all in Florida, mostly along the state's southeast coast. Locally, it has two branches in Clearwater and one in Tampa.

The bank has been sold to a group of investors led by John Kanas, the former head of North Fork Bank.

It will reopen today as a newly chartered savings bank called BankUnited.

. Fast facts

To learn more

Customers with questions about Thursday's transaction can call the FDIC toll-free at 1-800-451-1093 or visit the FDIC's Web site at

FDIC shuts down, sells Florida-based BankUnited 05/21/09 [Last modified: Thursday, May 21, 2009 10:05pm]
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