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WIKI ANALYSIS
May 22nd, 2009 – Yesterday’s news of BankUnited Financial Corporation’s failure is an indication of just how Florida financial institutions are struggling. BankUnited FSB, the largest financial institution in the state, has been seized by the Treasury Department’s Office of Thrift Supervision Supervision, and will be under new ownership.
With BankUnited FSB being the 34th financial failure this year, the sale will cost the FDIC $4.9 billion as it will absorb the defaulted loans within the institution. Having approximately $13 billion in assets, BankUnited FSB has been bought by outside investors for $900 million by investors consisting of the Blackstone Group, the Carlyle Group, Centerbridge Partners and billionaire investor Wilbur Ross’s group WL Ross & Co. However, with the opening Friday under the new savings and loan known as BankUnited, business is being conducted as usual with little backlash from the transaction.
Unfortunately, shareholders of the equity (ticker: BKUNA) has been suspended until the Nasdaq has received more information regarding its’ current financial status. It is unclear what will become of shareholders’ interests at this time. A meeting was held on Friday afternoon to discuss who will be on the board that will handle future decisions and more will be known after the Memorial Day weekend. Affected parties can view frequently asked questions and contact information by going to www.bankunited.com + The rest of the intro should be about the trends and forces that affect the company, what the company is doing to react, and how the company's reaction is working out. Make sure you support these with definitive, important facts - again, the most important/meaningful facts should appear in the intro AND later in the article. It's a good thing to have this important information in your article twice.
Charles Miller
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