The 34th US bank to fail this year,
Florida-based BankUnited, the state’s largest thrift, has been
snapped up by a group of private-equity heavyweights, including
distressed asset specialist Wilbur Ross, Carlyle Investment
Management, Blackstone Capital and Centerbridge Capital.
None of the new private-equity owners hold
more than a 24.99 percent stake of the 86-branch-strong bank, which
had assets of $12.8 billion and deposits of $8.6 billion as of 2
May. The new BankUnited will assume $12.7 billion in assets and
$8.3 billion in non-brokered deposits.
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To close the deal, BankUnited’s new owners
entered into a loss-share transaction with the Federal Deposit
Insurance Corporation (FDIC) to share in the losses on
approximately $10.7 billion in assets covered under the agreement.
The deal further provided for BankUnited to recapitalise with $900
million of new capital.
The FDIC has estimated that the cost of the
BankUnited failure to its deposit insurance fund will be around
$4.9 billion.
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