May 19, 2009 – 7:58 pm

This afternoon, FDIC took BKUNA’s assets into receivership. It is the 34th bank to fail in 2009.  The Deposit Insurance Fund will absorb an estimated $4.9 billion in losses, which represents 57% of the total deposits BKUNA had as of May 2nd.  With total assets of $12.8 billion, BKUNA ties DSL as the largest bank to fail since WaMu.

The winning bidder for BankUnited’s assets was the Wilbur Ross group, led by John Kanas.  They paid $900 million for the franchise, which will retain the name BankUnited.

From FDIC’s press release:

BankUnited, a newly chartered federal savings bank, acquired the banking operations, including all of the nonbrokered deposits, of BankUnited, FSB, Coral Gables, Florida, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). As a result of this transaction, BankUnited, FSB, offices and branches will be operated as BankUnited offices and branches…..

Bank United, FSB had assets of $12.80 billion and deposits of $8.6 billion as of May 2, 2009. The new BankUnited will assume $12.7 billion in assets and $8.3 billion in nonbrokered deposits. The FDIC and BankUnited entered into a loss-share transaction and will share in the losses on approximately $10.7 billion in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the covered assets by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship. BankUnited will recapitalize the institution with $900 million in new capital.

The FDIC facilitated the transaction with John Kanas and a consortium of investors after BankUnited, FSB, was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver. The FDIC estimates that the cost to its Deposit Insurance Fund will be $4.9 billion. BankUnited’s acquisition of all the deposits and assets of BankUnited, FSB was the “least costly” resolution for the DIF compared to alternatives.

In addition to the management team led by John Kanas, ownership includes WL Ross & Co. LLC; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P. LeFrak Organization, Inc; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund.

Next up: Guaranty Financial…..



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