BANK BUST FRIDAY starts early this week........

[marmar]

BankUnited Closed by Regulators, Assets Sold to Kanas-Led Group
By Jonathan Keehner


May 21 (Bloomberg) -- BankUnited Financial Corp., the ailing Florida lender, was shut by regulators and its assets were sold to private-equity firms including WL Ross & Co. and Carlyle Group in the largest U.S. bank failure this year.

The group’s purchase was the “least costly” resolution, the Federal Deposit Insurance Corp. said in a statement today.

BankUnited, based in Coral Gables joined 33 banks and at least five credit unions that have gone under since January. Former North Fork Bancorp Chief Executive Officer John Kanas led buyers that also included Blackstone Group LP and Centerbridge Capital Partners LLC.

BankUnited had $8.7 billion of deposits, regulators said. The failure will cost the FDIC $4.9 billion, the regulator said.

BankUnited’s fiscal second-quarter loss probably rose to $443.1 million, or $12.55 a share, from a loss of $65.8 million, or $1.88, a year earlier, the company said in a May 12 regulatory filing. Loans no longer collecting interest rose to 18 percent of total loans from 14 percent in December.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aRKOAepKpOzM&refer=home