The Real Deal Miami

BankUnited in sale talks

January 16, 2009 12:17PM

Vulture investment funds aren’t just for condos. BankUnited Financial
Corp., the holding company for the biggest South Florida-based bank, is
now a target for investors as it seeks additional capital. According to
American Banker, a trade newspaper, Vanquish Capital Group, a Delray
Beach investment firm, is leading a group said to include private
equity investors W.L. Ross & Co. and Cerberus Capital Management. The group
is in negotiations to purchase BankUnited, which has been hit hard by
mortgage and other loan defaults and has sought $400 million in
additional capital.