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Old 05-13-2009, 11:45 AM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
Join Date: Sep 2005
Location: SW Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 2,759
Default BankUnited sees massive 2Q losses

BankUnited Financial Corp. estimated a massive loss of $443.1 million for the fiscal second quarter as a Thursday deadline approached for prospective buyers to submit their bids.

The Coral Gables-based thrift, which is the largest financial institution based in Florida with $13.14 billion in assets, said the estimated loss for the second quarter ended March 31 leaves the company with a stockholder deficit of $1.03 billion.

...

Prospective buyers of the ailing institution are facing an 11 a.m. Thursday deadline to file their bids with the FDIC, according to a person familiar with the situation. The Office of Thrift Supervision, which has increasingly tightened its grip in recent week and months, is overseeing the fate of the company in coordination with the FDIC in an effort to minimize losses to the insurance fund and taxpayers.

The bids are likely to be structured to include proposals for some sort of loss-sharing agreement on the huge portfolio of troubled assets the thrift holds, according to people familiar with the situation.

http://www.miamiherald.com/business/story/1045653.html
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Old 05-22-2009, 05:33 AM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
Join Date: Sep 2005
Location: SW Florida
State: Florida
Professional Status: Certified Residential Appraiser
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Default Fate Sealed for BankUnited

The Florida-based BankUnited Financial saw a number of bidders swirling this week, as the bank looked for buyers after receiving a ‘deal or die’ directive from the Office of Thrift Supervision. And, as sources originally told HousingWire, the winner is WL Ross & Company, funded by a consortium put together by billionaire investor Wilbur Ross. (That the newly-formed bank is taking the name of the bank it is assuming is sure to confuse a few of us.)

...
According to a statement from the FDIC, the new BankUnited will assume $12.7bn in assets and $8.3bn in nonbrokered deposits. The FDIC and BankUnited entered into a loss-share transaction and will share in the losses on approximately $10bn in assets covered under the agreement. The new BankUnited will recapitalize the old BankUnited with $900m in new capital, as well.

http://www.housingwire.com/2009/05/2...or-bankunited/
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