FDIC - Bank United Failure

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malpert's picture
malpert
Status: Member (Offline)
Joined: Oct 9 2008
Posts: 18
FDIC - Bank United Failure

The FDIC estimates that the cost to its Deposit Insurance Fund will be $4.9 Billion.

"Bank United, FSB had assets of $12.80 billion and deposits of $8.6 billion as of May 2, 2009. The new BankUnited will assume $12.7 billion in assets and $8.3 billion in nonbrokered deposits. The FDIC and BankUnited entered into a loss-share transaction and will share in the losses on approximately $10.7 billion in assets covered under the agreement."

The buyers that are "rescuing" the bank?

WL Ross & Co. LLC; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; et al.

This is a big one. A huge hit for the FDIC and the taxpayer.  A potential windfall for the PEG Insiders.

http://www.fdic.gov/news/news/press/2009/pr09072.html

http://www.ft.com/cms/s/0/2593da3c-4669-11de-803f-00144feabdc0.html

 

 

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: FDIC - Bank United Failure

.....Thanks!

tx_floods's picture
tx_floods
Status: Silver Member (Offline)
Joined: Mar 1 2009
Posts: 155
Re: FDIC - Bank United Failure

I read about yet another bank closure yesterday. I hope Davos has got it covered. Did anyone log the particulars or the count thus far?

carousel99's picture
carousel99
Status: Member (Offline)
Joined: Jul 16 2009
Posts: 1
Re: FDIC - Bank United Failure

This economy crisis is getting pretty bad now, the usage of ecomonic checks might help our economy at least a bit more as high tax payers buy more products

www.carouselchecks.com

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