The Real Deal Miami

BankUnited seized and sold

May 22, 2009 10:16AM

Federal bank regulators took control of the largest Florida-based bank Thursday afternoon and oversaw BankUnited’s sale to a group of private equity firms led by New York banker John Kanas. The Federal Deposit Insurance Corp. guarantees deposits at BankUnited branches, and regular business operations will continue without pause. It’s the third largest bank failure in the current financial crisis after Washington Mutual and IndyMac, and carries an estimated cost of $4.9 billion. CEO Ramiro Ortiz will remain in place as the takeover progresses.