34 US banks go belly up in 2009; BankUnited collapses
In one of the biggest bank failures in the US in 2009, Florida-based BankUnited has been shut down by the authorities, pushing the total number of such collapses to 34 so far this year.
By PTI |
NEW YORK: In one of the biggest bank failures in the US in 2009, Florida-based BankUnited has been shut down by the authorities, pushing the total number of such collapses to 34 so far this year.
The entity was seized by the Federal Deposit Insurance Corporation (FDIC), which is often appointed as the receiver of failed banks and was later sold.
"BankUnited, a newly chartered federal savings bank, acquired the banking operations, including all of the non- brokered deposits, of BankUnited, FSB, Coral Gables, Florida ...," the FDIC said in a statement yesterday.
The failed bank had assets worth USD 12.80 billion and deposits to the tune of USD 8.6 billion as on May 2.
According to the statement, new BankUnited would assume USD 12.7 billion in assets and USD 8.3 billion in non-brokered deposits.
"The FDIC and BankUnited (new) entered into a loss-share transaction and will share in the losses on approximately USD 10.7 billion in assets covered under the agreement," it added.
The recession-hit American economy has already seen the collapse of 48 banks since the global financial crisis turned for the worse in September 2008, when the famed Lehman Brothers filed for bankruptcy.
The entity was seized by the Federal Deposit Insurance Corporation (FDIC), which is often appointed as the receiver of failed banks and was later sold.
"BankUnited, a newly chartered federal savings bank, acquired the banking operations, including all of the non- brokered deposits, of BankUnited, FSB, Coral Gables, Florida ...," the FDIC said in a statement yesterday.
The failed bank had assets worth USD 12.80 billion and deposits to the tune of USD 8.6 billion as on May 2.
According to the statement, new BankUnited would assume USD 12.7 billion in assets and USD 8.3 billion in non-brokered deposits.
"The FDIC and BankUnited (new) entered into a loss-share transaction and will share in the losses on approximately USD 10.7 billion in assets covered under the agreement," it added.
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The recession-hit American economy has already seen the collapse of 48 banks since the global financial crisis turned for the worse in September 2008, when the famed Lehman Brothers filed for bankruptcy.
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