BankUnited has officially failed after not being able to improve it’s financial situation..
Federal regulators seized Bank United early Thursday. This makes Bank United the second biggest bank failure to occur since the recession started in late 2008. IndyMac takes 1st place. According to federal regulators the bank was severely under capitalized.

The Florida bank has been acquired by various private equity firms such as:

LeFrak Organization
East Rock Endowment Fund
Blackstone Capital Partners
Centerbridge Capital Partners
The Wellcome Trust
Greenaap Investments
Carlyle Investment Management.

This is the 34th bank to officially close its doors in 2009. They were sitting on $8.6 billion of deposits and over more than 80 branches which brought their assets to over $12 billion.

Bank United will now be run by John Kansas. John Kansas built North Fork Bank in NYC, which is now a mega bank throughout the Unite States.

Whats to blame for the failure of BankUnited? According to sources its mortgage portfolio has been suffering since the begging of the recession. Just one of 33 other banks to fail this year.

Each of the 85 branches is expected to reopen on Friday.

Tags: BankUnited, Financial Bailout